Porto winger Diaz, who had put Colombia 2-1 ahead midway through the second half, settled a thrilling contest in the 94th minute with an exceptional long-range effort.

It came 12 minutes on from Gianluca Lapadula's equaliser, after Juan Cuadrado had cancelled out Yoshimar Yotun's opener, with the match seemingly destined for penalties – Colombia having gone the distance in both previous knockout rounds.

Yet Diaz ensured third place for Colombia without the need for such drama, capping off an impressive campaign for Reinaldo Rueda's side, which also gained revenge for a group-stage defeat.

Peru should have gone ahead in the 28th minute – Lapadula to drilling wide when one-on-one with Camilo Vargas.

Carlos Cueva teed up that chance, and Peru's chief creator was at it again on the stroke of half-time, scampering down the left to race onto Sergio Pena's long pass, before cutting inside to find the on-rushing Yotun, who made no mistake with an excellent first-time finish.

Peru's lead was short-lived, however, with Cuadrado sneaking in a free-kick at Pedro Gallese's near post to restore parity shortly after the restart.

Diaz had a sighter soon after, with Gallese making the stop, but there was no stopping the pacy wide man in the 66th minute.

Released by Vargas, Diaz took the ball under control with his chest and placed a fine effort into the bottom-right corner, only for Peru to hit back again when Lapadula headed home from Raziel Garcia's corner.

But Diaz had the final say, the 24-year-old driving in from the left and engineering space for a shot 25 yards from goal, sending a wonderful finish into the top corner to seal victory.