The First Stage of the 2012 Copa Santander Libertadores de América ran from January 24 to February 2, 2012 (first legs: January 24–26; second legs: January 31–February 2).
The twelve teams were drawn into six ties on November 25, 2011 in Asunción.
Teams played in two-legged ties on a home-away basis. Each team earned 3 points for a win, 1 point for a draw, and 0 points for a loss. The following criteria were used for breaking ties on points:
The six winners advanced to the second stage to join the 26 automatic qualifiers.
Team 1 played the second leg at home.
| Teams | Scores | Tie-breakers | |||||
|---|---|---|---|---|---|---|---|
| Team 1 | Points | Team 2 | 1st leg | 2nd leg | GD | AG | Pen. |
| Sport Huancayo |
1:4 | 0–3 | 1–1 | — | — | — | |
| Flamengo |
3:3 | 1–2 | 2–0 | +1:−1 | — | — | |
| Caracas |
1:4 | 0–4 | 1–1 | — | — | — | |
| Libertad |
3:3 | 0–1 | 4–1 | +2:−2 | — | — | |
| Once Caldas |
1:4 | 0–1 | 2–2 | — | — | — | |
| UANL |
1:4 | 0–1 | 2–2 | — | — | — | |
| Sport Huancayo | 1–1 | |
|---|---|---|
| Ibarra |
Report | Leguizamón |
Arsenal won on points 4–1.
| Real Potosí | 2–1 | |
|---|---|---|
| Centurión Britez |
Report | Luiz Antônio |
| Flamengo | 2–0 | |
|---|---|---|
| Léo Moura Ronaldinho |
Report |
Tied on points 3–3, Flamengo won on goal difference.
| Peñarol | 4–0 | |
|---|---|---|
| Freitas Zalayeta João Pedro Estoyanoff |
Report |
| Caracas | 1–1 | |
|---|---|---|
| Peraza |
Report | Estoyanoff |
Peñarol won on points 4–1.
| El Nacional | 1–0 | |
|---|---|---|
| J. L. Anangonó |
Report |
| Libertad | 4–1 | |
|---|---|---|
| Velázquez Núñez Gamarra Civelli |
Report | Minda |
Tied on points 3–3, Libertad won on goal difference.
| Internacional | 1–0 | |
|---|---|---|
| Leandro Damião |
Report |
| Once Caldas | 2–2 | |
|---|---|---|
| Núñez González |
Report | D'Alessandro Tinga |
Internacional won on points 4–1.
| Unión Española | 1–0 | |
|---|---|---|
| Barriga |
Report |
Unión Española won on points 4–1.