South America is a region which international anarchy presently does not show a condition marked by the security dilemma anymore. To assess to what extent this international society has obtained a peaceful change up to a point of overcoming this dilemma and achieving a pluralistic security community condition is the research problem of this thesis. It requires the comprehension of this concept, as well as the assessment of its constitutive elements in the South- American region. To answer this question, the thesis has been divided in two parts, the first of theoretical nature and the second of empirical character. Each of them has two chapters. In the first chapter of the theoretical part, one exposes the literature review on security communities. In the second chapter, one makes a literature review of the international security relatively to the region. As for the empirical part, its first chapter has been destined to trace the profile of South- American order during the Cold War, before the hypothetical emergence of a security community in the region. In the fourth chapter, one shows its possible emergence and consolidation in the post-Cold War. The comparative method is used to contrast these two periods in order to capture the possible transition to a Security Community. One concludes that, after the Cold War one cannot state that South America has all elements of a Security C ommunity but it is in an emergent stage.