The 1986 Copa Libertadores finals were the final matches of the 1986 Copa Libertadores, South America's primary club football competition. The two-legged event was contested between América de Cali of Colombia and River Plate of Argentina. The first leg was played at the Estadio Pascual Guerrero, Cali, on 22 October 1986 and the second leg was played on 29 October 1986 at the Estadio Monumental, Buenos Aires. River Plate were making their third appearance in a Copa Libertadores final, while América de Cali were appearing for the first time.