In 2020, Lasso launched his third presidential campaign to replace his 2017 rival Lenin Moreno. He was at first seen as the front-runner but saw opposition against Rafael Correa-supporting candidate Andrés Arauz. In February 2021, Arauz won the majority of votes to advance to the second round. Lasso came in second place narrowly beating Yaku Pérez Guartambel. Lasso would go on to defeat Arauz in the run-off in April.