Lucas Bolo made Argentina's early pressure count by giving his team a seventh-minute lead at the SND Arena in Asunción, but it did not last long with Ferrão levelling from the spot four minutes later.

Ten-time winners Brazil turned the semi-final on its head when Matheus Rodrigues struck on 27 minutes, but they also could not hold on as Ángel Claudino equalised before Leandro Cuzzolino put the Argentinians in front with six minutes remaining.

However, Brazil salvaged extra time courtesy of a Cristian Borruto own goal.

After no further goals in the additional period, the tie went to a shootout in which Nico Sarmiento was Argentina's hero as he saved three penalties to help his side progress 2-1.

The result in South America's biggest futsal rivalry kept alive Argentina's bid for a third title.

Only they and Brazil have ever lifted the trophy, with La Albiceleste's last success coming in 2015.

That edition of the tournament was the only past edition in which Brazil failed to reach the final, and there will be a repeat of the medal matches from seven years ago after Paraguay beat Colombia 4-2.

The hosts, who will contest their fourth Copa América final, had to come from behind as Camilo Sánchez fired Colombia into the lead.

Arnaldo Báez took advantage of a mistake from goalkeeper José Sánchez to level at halftime, and Fráncico Martínez put Paraguay into the lead midway through the second half.

A counter-attack was finished off by Julio Mareco to make it 3-1, but Sánchez then grabbed his second goal with three minutes to play to make it a nervous finish.

With Colombia pressing for extra time, they left themselves short at the back, and Paraguay's captain Juan Gómez Salas made sure of the victory.

Ecuador came from 2-0 down against Bolivia to force penalties in the seventh-place playoff and won 7-6 in the shootout, while Peru twice came from behind to beat Chile 3-2 and finish ninth.

The Copa América de Futsal is set to conclude tomorrow, with Uruguay playing Venezuela for fifth, followed by the Brazil-Colombia third-place playoff and then the final between Argentina and Paraguay.