On 5 June 1991, Colo-Colo won the Copa Libertadores, beating defending champions Olimpia 3-0.
Colo-Colo had reached the final only once before, finishing as runners-up to Independiente in 1973, while Olimpia were making their fifth appearance, having won it in 1979 and 1990. The teams met in Asunción for the first leg on 29 May and played to a scoreless draw, then reunited at Santiago's Estadio Monumental for the second leg.
There, a crowd of over 66,000 people watched as the hosts went up 2-0 after only 17 minutes with both goals coming from striker Luis Pérez. For the first, he held the ball up in traffic just outside the Olimpia box, then played a quick one-two with midfielder Rubén Espinoza, giving him just enough space to get a clear shot past goalkeeper Jorge Battaglia. For the second, forward Marcelo Barticciotto raced down the right sideline and sent a cross in for Pérez, who chested it down, beat a defender, and fired off a quick left-footed shot into the net.
Barticciotto also provided the assist for Colo-Colo's final goal, again sprinting down the right side, then sending a square ball across the face of the goal that somehow reached forward Leonel Herrera at the far post for an easy tap-in.
Although three other Chilean teams have reached the tournament final, Colo-Colo remain the only team from the country to win the competition. Olimpia, meanwhile, won it for third time in 2002.