← South American Club Championship - 1948 →
- Wednesday, March 03, 1948
- in Santiago, Chile
scoreboard
| CCCF | 1948 | Costa Rica | 1 - 1 | Guatemala | Guatemala City, Guatemala | 1 |
| SACC | 1948 | Nacional | 3 - 0 | River Plate | Santiago, Chile | 1 |
| CCCF | 1948 | Costa Rica | 1 - 1 | Guatemala | Guatemala City, Guatemala | 1 |
| SACC | 1948 | Nacional | 3 - 0 | River Plate | Santiago, Chile | 1 |