Ismael Benavides Ferreyros (born 10 May 1945) is a Peruvian politician, who was the former Minister of Economy and Finance that was under President Alan García from September 2010 to July 2011.

His family is linked to the business sector, owners of Compañía de Minas Buenaventura, his uncle, Alberto Benavides de la Quintana, was director of the Central Reserve Bank of Peru, his cousins, Roque Benavides Ganoza and Carlos Ferreyros Aspíllaga, are current manager of Buenaventura and vice president of Ferreyros SA, respectively.

From 1993 to March 2007, he was General Manager and member of the Board of Directors of the International Bank of Peru, Interbank.

The Procesadora y Empacadora Huamaní company is located at kilometer 245 of the Panamericana Sur, district of Paracas, Department of Ica, where asparagus and the popular Tangelo orange are also produced.

In January 1982 he was appointed Vice Minister of Finance, a position he held in the governments of Manuel Ulloa Elías and Carlos Rodríguez-Pastor Mendoza.

On December 29, 1983 he was appointed Minister of Fisheries by President Fernando Belaúnde Terry, a position he held until 1985.

As Minister of Economy, he promoted the bill to reduce the General Sales Tax (IGV) by one percentage point (from 19% to 18%).