Brazil have been knocked out of the Copa America after losing 2-0 to Paraguay on penalties.

Paraguay failed to register a single shot on target in 120 minutes but holders Brazil missed all four of their penalties after dominating in Buenos Aires.

Brazil join hosts Argentina, their rivals in the previous two finals, in going out of the Copa America at the quarter-final stage, after Carlos Tevez missed the crucial penalty in their 5-4 penalty defeat to Uruguay on Saturday.

In-form striker Falcao missed a second-half penalty as Colombia lost out to Peru in extra time in the first quarter-final.

Venezuela completed an unexpected semi-final lineup late last night, beating Chile 2-1 to reach their first ever Copa America final four.

Paraguay will face Venezuela and Peru will take on Uruguay in the semi-finals.