| Group 1 | 18/02/1997 | Oriente Petrolero | - | Bolívar | 0:4 |  |
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| Group 1 | 27/02/1997 | Bolívar | - | Guaraní | 4:1 | |
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| Group 1 | 06/03/1997 | Bolívar | - | Cerro Porteño | 3:1 | |
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| Group 1 | 11/03/1997 | Bolívar | - | Oriente Petrolero | 3:3 | |
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| Group 1 | 07/04/1997 | Guaraní | - | Bolívar | 3:1 | ||||
| Group 1 | 10/04/1997 | Cerro Porteño | - | Bolívar | 2:0 | ||||
| Round of 16 | 22/04/1997 | Minervén FC | - | Bolívar | 1:1 | ||||
| Round of 16 | 06/05/1997 | Bolívar | - | Minervén FC | 7:0 | |
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| Quarter-finals | 20/05/1997 | Bolívar | - | Sporting Cristal | 2:1 | ||||
| Quarter-finals | 27/05/1997 | Sporting Cristal | - | Bolívar | 3:0 |
Argentina