These two nations endured contrasting fortunes during their opening matches of this year's Copa America.
It means that they head into this encounter at the Estadio Elias Figueroa on the Chilean coast both in need of the three points, albeit for different reasons.
Peru
But for the influence of Neymar, Peru could have been celebrating a famous victory over Brazil on matchday one.
The encounter was just three minutes old when Christian Cueva benefited from yet another defensive error by David Luiz to put Peru one goal to the good, only for Barca hotshot Neymar to hit back moments later for the five-time world champions.
Nevertheless, Ricardo Gareca's men were able to keep their more illustrious opponents at bay; that was until stoppage time when that man Neymar picked out Douglas Costa to score the winning goal, breaking Peruvian hearts in the process.
On the plus side, Gareca and his players should be able to take some heart from the fact that they more than held their own against those famous yellow shirts. If nothing else, it should provide them with plenty of confidence when they take on their Venezuelan counterparts.
They were semi-finalists in the 2011 edition of the tournament and if they are to stand a realistic chance of at least matching that achievement, they need to collect all three points in Valparaiso.
La Blanquirroja can also be upbeat due to the fact that since 2001, they have reached at least the quarter-finals of each of the four Copa Americas, despite having only won one of their opening fixtures.
Recent form: WLWLDL
Venezuela
When Venezuela were placed in a group alongside Brazil, Colombia and Peru, the overriding feeling was that they would be battling it out for third spot with the Peruvians, while their South American neighbours jostled for the top two places.
Yet, as former England international Jimmy Greaves once said, football "is a funny old game".
Venezuela opened up against Colombia on Sunday evening, but despite facing big names like James Rodriguez and Radamel Falcao, Venezuela picked up a shock 1-0 victory courtesy of a second-half header from Salomon Rondon.
It means that Noel Sanvicente's men, unexpectedly, have their qualification prospects in their own hands when they take on Peru. Consequently, claiming all three points will all but secure their spot in the knockout stages of the competition.
In recent Copa America campaigns, Venezuela have emerged as a competitive nation, having never previously gone beyond the group stages.
In 2007 they reached the quarter-finals and then four years later appeared in the last four.
Recent form: LWWLWW
Team News
As far as Sanvicente is concerned, there is likely to be a big temptation to name the same starting lineup that impressed against Colombia.
There is little doubt that the attack will be led by Rondon, who scored his 13th international goal in that game.
In fact, Gareca may opt to follow his counterpart's lead. They might have lost against Brazil, but it was a decent display nonetheless.
As a result, it could be the same Peru team that takes to the field for this must-win match.
That would mean that although Jefferson Farfan and Juan Manuel Vargas were substituted in that outing, both will retain their places.
Peru possible starting lineup:
Gallese; Advincula, Zambrano, Ascues, Vargas; Ballon, Lobaton; Farfan, Sanchez, Cueva; Guerrero
Venezuela possible starting lineup:
Baroja; Rosales, Vizcarrondo, Tunez, Amorebieta; Rincon, Seijas, Arango, Guerra, Vargas; Rondon
Head To Head
Peru may hold the bragging rights overall, but recently it is Venezuela that have had the upper hand when these two sides have met.
They have won five of the last seven clashes, including a friendly meeting in early April when Torino's Josef Martinez scored the only goal.
In total, though, Peru have won 18 times, with Venezuela able to boast nine triumphs.
We say: Peru 1-1 Venezuela
It's a tough one to call, largely because on paper there is little to split the two teams. It should be an even contest, so there is every chance it could end level. Venezuela have been in good form against Peru of late, but in tournament football, that counts for little.