Peruvians are voting in a presidential run-off election that will either continue Latin America's rightward shift or buck the trend with a leftist candidate who has rattled markets.
Voters are choosing between conservative Keiko Fujimori, the daughter of former hardline president Alberto Fujimori, who was later jailed for human rights abuses, and leftist Roberto Sanchez, a cowboy-hat-wearing candidate emulating imprisoned former president Pedro Castillo's rural appeal.
Polls are showing the candidates in a statistical tie.
Chile, Argentina, Costa Rica and Ecuador have all elected right-wing presidents in their latest elections, and Bolivia ended two decades of socialist rule in 2025's presidential contest.
Peruvian voters have told pollsters they are overwhelmingly concerned with crime.
Rates of homicide and extortion have soared, leading to widespread protests and the ouster of former president Dina Boluarte.
Fujimori, who previously tried to distance herself from her father's authoritarian, tough-on-crime policies, won the first round of voting in April as she leaned into his legacy.
She compared his fight against left-wing Maoist insurgents to the country's current struggle with organised crime.
"We remember her father's legacy and he built a good government. He ended terrorism; he ended hyper-inflation," said Willy Policarpo, 44, an independent worker and lifelong "Fujimorista" who travelled from the central region of Huancayo to Fujimori's campaign closing on Thursday.
This is Fujimori's fourth time in a presidential run-off. In 2021, she lost by about 45,000 votes, or just over 0.2 per cent, to Castillo.
Sanchez is hoping he can replicate Castillo's victory by focusing on Peru's other major political issue, inequality and the vast socio-economic divide between capital Lima and rural regions.
Sanchez has promised an ambitious reform agenda including a new constitution, an overhaul of mining concessions and boosting investment in rural regions.
His proposals have resonated with many, including the country's growing informal mining sector, but have rattled markets.
Peruvian stocks fell on Friday as his campaign gained strength in polls to pull level with Fujimori.
Tensions are high, and a chaotic first round led to accusations of fraud and threats of protests from both camps.
Whoever wins will also have to deal with a fragmented Congress that has removed three presidents in the past five years.
