| Group 4 | 04/07/1988 | Bolívar | - | Oriente Petrolero | 1:2 | ||||
| Group 4 | 21/07/1988 | Bolívar | - | Club Olimpia | 2:0 | ||||
| Group 4 | 28/07/1988 | Bolívar | - | Cerro Porteño | 2:0 | ||||
| Group 4 | 08/08/1988 | Oriente Petrolero | - | Bolívar | 1:3 | ||||
| Group 4 | 18/08/1988 | Cerro Porteño | - | Bolívar | 3:2 | ||||
| Group 4 | 25/08/1988 | Club Olimpia | - | Bolívar | 4:2 | ||||
| 2. Round | 06/09/1988 | Bolívar | - | Newell's Old Boys | 1:0 | ||||
| 2. Round | 13/09/1988 | Newell's Old Boys | - | Bolívar | 3:2 pso |
Argentina
Bolivia