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| H | Peñarol | - | San Lorenzo | 0:0 (0:0) | ||
| R | San Lorenzo | - | Peñarol | 1:0 (0:0) | ||
| H: 21.09.1988 | R: 28.09.1988 | Sieger: San Lorenzo | ||||
| H | Oriente Petrolero | - | América de Cali | 1:1 (1:1) | ||
| R | América de Cali | - | Oriente Petrolero | 2:0 (2:0) | ||
| H: 21.09.1988 | R: 28.09.1988 | Sieger: América de Cali | ||||
| H | Newell's Old Boys | - | Nacional | 1:1 (0:1) | ||
| R | Nacional | - | Newell's Old Boys | 2:1 (2:0) | ||
| H: 22.09.1988 | R: 28.09.1988 | Sieger: Nacional | ||||
