Argentina progressed to the semi-finals of the Copa América de Futsal ©Getty Images

The semi-finalists of the Copa América de Futsal were decided tonight in Paraguay as the group stage came to a dramatic conclusion.

Colombia beat Ecuador 5-3 in an exhilarating match-up at the SND Arena in Asunción which saw six goals netted inside the first 10 minutes.

Felipe Echavarría opened the scoring in the second minute with a well-placed finish to beat the outstretched goalkeeper.

Angellot Caro then doubled the lead two minutes later before Jordan Mercado struck back instantly for the Ecuadorians.

Mercado then levelled the scoring with his second goal coming after eight minutes.

Ecuador were not level for long as Harrison Santos found a third for Colombia in the ninth minute before Mercado secured his hattrick inside ten minutes to peg back their opponents once more.

Echavarría then completed a hattrick of his own with strikes in the 18th and 31st minutes to finish off Ecuador and claim second position in Group A.

Venezuela went toe-to-toe with Bolivia in a match that would decide who would go into the fifth-place playoff.

A brace from Henry Gutiérrez and an Oscar Fernández strike was enough for Venezuela to secure victory a 3-1 victory against Bolivia, whose goal came from Miguel Padilla.

Elsewhere in Group B, Argentina and Paraguay traded blows to play out an exhilarating 3-3 draw.

Paraguay flew into a 3-0 lead inside 20 minutes through Arnaldo Báez, Hugo Martínez and Francisco Martínez.

Matías Edelstein of Argentina then pulled two goals back before Sebastián Corso completed the comeback in the 33rd minute.

The result means that Brazil and Argentina are set to meet in the semi-finals before Paraguay and Colombia also face-off in the final four on Saturday (February 5).