[1] Peredo was born and grew up in Trinidad in Beni Department in northern Bolivia, and was strongly influenced by his older brothers[2] who helped found the Bolivian Communist Party and were leaders in guerrilla movements.
[3] After receiving his initial medical training Peredo left the profession and joined the Ñancahuazú Guerrilla movement of Che Guevara,[4] known as the National Liberation Army (ELN).
[5] In November 1970, Salvador Allende, after he assumed the presidency of Chile, pardoned Peredo, Mario Suarez and the other survivors.
[4] He developed a hypothesis somewhat similar to L. Ron Hubbard's engram theory in Dianetics, namely that past painful memories were the source of some current illness.
[4] In 1997 Peredo joined Movement for Socialism – Political Instrument for the Sovereignty of the Peoples (MAS) and actively worked for the election of Evo Morales.