Claudio Bravo made the decisive save in the shoot-out as Francisco Silva converted the winning penalty in New Jersey.
Chile made it back-to-back Copa America titles after seeing off South American rivals Argentina 4-2 in a penalty shootout in Sunday's ill-tempered final.
Both Argentina and Chile were reduced to 10 men in a fiery first half in a rematch of last year's decider, as Marcos Rojo and Marcelo Diaz saw red, and neither team could break the deadlock after 120 minutes of play in front of more than 82,000 fans at MetLife Stadium.
And for the second successive year, a shootout was required to determine a winner, with Chile coming out on top again following spot kicks as Argentina's 23-year wait for a major trophy continued.