The Governorate of New Toledo[1] was a Spanish Governorate of the Crown of Castile formed from the previous southern half of the Inca Empire, stretching south into present day central Chile, and east into present day central Brazil.

It was established by King Charles I of Spain in 1528.

Diego de Almagro was the appointed Spanish royal governor.

After the territorial division of South America between Spain and Portugal, the Peruvian Hispanic administration was divided into six entities: This territorial division set the basis for the Hispanic administration of South America for several decades.

It was formally dissolved in 1544, when King Charles I sent his personal envoy, Blasco Núñez Vela, to govern the newly founded Viceroyalty of Peru that replaced the governorates.