The seeds of Latin American security governance were sown in the 19th century. Despite the occurrence of wars and small-scale militarized interstate disputes (MIDs) due to territorial disputes and political disagreements, the discussion of coexistence norms and cooperation dates at least from 1826. During that century, diplomats agreed with nonintervention and mediation rules. However, treaties lacked ratifications by states and failed to become legitimate. It was only during the 1920s that Latin American states started ratifying rules and a complex security governance system emerged in the region. Different stages emerged in the evolution of a governance structure. The United States took the leadership during the 1930s and used mechanisms such as military cooperation and the Inter-American Defense System to keep its prominence until the end of the Cold War. Following the collapse of the bipolar order until the mid-2010s, the region saw the multiplication of rules and institutions designed to regulate security interactions. This wave has been reversed since the mid-2010s, with a deconsolidation of recently created structures. The emergence of such rules and institutions attracts scholarly interest. These mechanisms coexist with MIDs and arms procurement, with an overlap of balance of power and security community interactions. It demands further understanding, as well as examination of its security implications. For example, why do Latin American states continue to engage in MIDs despite the existence of rules and even cooperation between them? Why do these MIDs rarely escalate to wars? Even the tools for making inferences about Latin American security governance deserve some debate. For example, how do we evaluate regional security governance structures? How do scholars measure interstate confidence and cooperation? There are, thus, avenues to advance in research on Latin American security governance.