| Round of 16 | 16/04/1991 | Atlético Colegiales | - | Club Olimpia | 1:1 | ||||
| Round of 16 | 25/04/1991 | Club Olimpia | - | Atlético Colegiales | 2:1 | ||||
| Quarter-finals | 01/05/1991 | Cerro Porteño | - | Club Olimpia | 1:0 | ||||
| Quarter-finals | 07/05/1991 | Club Olimpia | - | Cerro Porteño | 3:0 | ||||
| Semi-finals | 15/05/1991 | Atlético Nacional | - | Club Olimpia | 0:0 | ||||
| Semi-finals | 22/05/1991 | Club Olimpia | - | Atlético Nacional | 1:0 | ||||
| Final | 28/05/1991 | Club Olimpia | - | Colo-Colo | 0:0 | ||||
| Final | 04/06/1991 | Colo-Colo | - | Club Olimpia | 3:0 |
Paraguay