In 1936 he ran for president in the Peruvian General Election as leader of the Social Democrat Party, after being convinced by the APRA to form his own party, to the detriment of Manuel Prado's Conservative Coallition. As the votes were being counted, Eguiguren appeared to be leading with a majority; the vote being finally suspended on October 21 (on the basis that members of the previously banned APRA party had voted for him) which left Eguiguren with 37.13% of the votes in comparison to Prado's 25.00%. However, due to the environment of political intolerance in Perú, the elections were nullified on the same arguments that the count was suspended: according to the government, aprist support of his candicacy rendered his victory null (as he was supported by a party considered illegal for being an "international party").