The signing of Oscar Amarilla was as positive for Olimpia as expected, as the team reached the 1989 Copa Libertadores finals but came up short, being defeated by Atlético Nacional. However, it did not take long for Olimpia to take revenge on Atlético Nacional, as they defeated the Colombian side in the semi-finals of the Libertadores in 1990. This allowed Olimpia to play the finals against Barcelona de Guayaquil, beating the Ecuadorians 2–0 in the first leg played in Asunción, and tying 1–1 in Ecuador. This way Olimpia obtained its second Libertadores Cup with a formidable team that had key players such as Almeida, Gabriel González, Samaniego, Amarilla among others.