The COP was founded in the emblematic Comuneros.

On August 11, 1970, the Paraguayan Olympic Committee was founded. A group of sports leaders seeing the need to have official representation in the Olympic competitions, met to carry out the foundation.

Prior to that, Rodolfo Italo da Ponte, a fencer and a sports gentleman, participated in representation to Paraguay in the Olympic Games of Mexico in 1968.

The basketball leadership was the head of the foundation and the event was held in the emblematic Comuneros stadium, with the presence of representatives of sports federations, the then National Sports Council and other significant leaders of associations and federations. Even the representative of the then Liga Paraguaya de Fútbol was also present to stamp his signature on the founding act.

And as the idea was born of the leadership of basketball, which had objectives, the presidency fell to Dr. Domingo Inchausti. Then he took the post Adriano Jara Carmona.

Later, Reinaldo Domínguez Dibb was elected and Pablo Jara Rodas followed and then Ramón Zubizarreta was elected. Now the ownership of the Paraguayan Olympic Committee is exercised by Mr. Camilo Pérez López Moreira.