Índio Guarany Futebol Clube, commonly referred to as Guarany de Bagé, is a Brazilian football club based in Bagé, Rio Grande do Sul.

It currently plays in Campeonato Gaúcho Série A, the top tier of the Rio Grande do Sul state football league, and the Campeonato Brasileiro Série D. Guarany is one of the oldest and most traditional football clubs in the state of Rio Grande do Sul, as the oldest club there, Sport Club Rio Grande, was founded in 1900, seven years before Guarany was.

The club was supposed to be called "Internacional", but it ended up named after Carlos Gomes' Il Guarany.

The reason for the fame is that the club remains the only to win two editions of the Gauchão and the third most victorious of the competition outside the Grenal duo.

Besides, Guarany also won the Campeonato Gaúcho Second Division in 1969 and 2006 and the Campeonato Gaúcho Third Division in other three occasions, being one of the three teams of Rio Grande do Sul to win all three state divisions, together with Sport Club Rio Grande and Esporte Clube Cruzeiro.