In the elections of 1986, Ribeiro was the Democratic Labor Party (PDT) candidate for the governorship of Rio de Janeiro, running against Fernando Gabeira (at that time affiliated with the Workers’ Party), Agnaldo Timóteo of the Social Democratic Party (PDS) and Moreira Franco of the Brazilian Democratic Movement Party (PMDB). Ribeiro was defeated, being unable to overcome the high approval rating of Moreira who was elected due to the popularity of the then-recent currency reform, the Cruzado Plan (Plano Cruzado). Another defeat was in 1994, when he was Brizola's running-mate in the presidential election; Darcy Ribeiro was also chief of staff (Ministro-chefe da Casa Civil) in the cabinet of President João Goulart, vice-governor of Rio de Janeiro from 1983 to 1987 and exercised the mandate of senator from Rio de Janeiro from 1991 until his death. Darcy Ribeiro was elected to the Brazilian Academy of Letters (Academia Brasileira de Letras) on October 8, 1992. His election was to Chair Number 11, which has as its Patron Fagundes Varela. He was formally received into the Academy on April 15, 1993, by author Cândido Mendes. He died in Brasília, aged 74.