It is the oldest bullring in the Americas and the second-oldest in the world after La Maestranza in Spain (not counting the Roman Empire-era Arles Amphitheatre in France).

[2] The site was called “el Hacho,” a Quechua word meaning “elevated place with view of the sea.” Construction on the plaza officially began on 30 January 1766.

[2]: 72 The inaugural run took place on 30 January 1766, and showcased the bullfighters Pisí, Maestro de España, and Gallipavo.

[4][5][6] The bullfighting fair held in honor of the annual Señor de los Milagros festival takes place at the plaza on Sundays through October and November.

During the fair, Lima brings in some of the world's most lauded talent (the bill for 2019 included Andrés Roca Rey, Sebastian Castella, and José Mari Manzanares)[7] The best bullfighter of the year is awarded the Escapulario de Oro (Golden Scapular), while the " Escapulario de Plata" Silver Scapular goes to the provider of the best bull.