Peru put in a brilliantly disciplined defensive display to ensure a place in the Copa America Round of 16 as Colombia have to wait to find out their future, failing to score.
Colombia knew only a goal would do to see them definitely through but they will now have to wait for the result between Brazil and Venezuela to see if they will be in the round of 16 next week.
They dominated early proceedings but couldn't take advantage of the chances as Peru regained their way in the game before masterminding an excellent display of defence, picking up the point necessary to go through on goal difference above Colombia.
Colombia can still go through but it is all dependent on Brazil - Venezuela on Sunday night.
Estadio Germán Becker was full and the fans packed inside the stadium passionately roared the national anthems, along with their players, ahead of the most vital match of their campaigns so far.
Radamel Falcao got the game underway in the yellow of Los Cafeteros but Jose Pekerman's side quickly lost possession to Peru.
Colombia dominated opening stages
Quick play was the main theme of the opening two minutes, James Rodriguez earning a free-kick as he eyed up a darting run into the penalty area.
The Real Madrid man's set-piece curled magnificently towards Teo Gutierrez, picked ahead of Jackson Martinez, as Colombia won a corner.
Falcao pounced on a pinball corner, turning and striking it with his laces at Pedro Gallese who tipped it wide with a strong outstretched left hand. The second consecutive corner was wasted, yet attacks continued to come from Pekerman's side, on a high following a 1-0 win against Brazil.
Again, the star forward was in action, this time battling fiercely with Carlos Zambrano on the left flank before diving on the floor holding his face despite no contact.
Pablo Armero got into attack, not often seen this tournament with Colombia failing to get into the flow in the first two group games, and struck a shot on the left side of the box with immense power and speed. The shot whizzed past Gallese's post and Colombia continued to grow in confidence.
Juan Manuel Vargas delivered a floating free-kick to the far post for Peru but Colombia earned a free-kick as Rondon climbed on his marker. Cristian Zapata earned an eighth minute booking for the free-kick.
That was only a small break in the Colombia pelting of Gallese's goal. The Peruvian goalkeeper charged out of his goal to meet a lofted ball as Falcao, Cuadrado, Teo and others moved forward. His efforts were rewarded, just, as he booted it out.
Cuadrado had an audacious attempt from 25 yards out on the volley hat failed to test Gallese as Los Cafeteros continued to dominate the midfield.
That early show of control in the central area was a testament to the improvements since the first game where it looked like midfield would be the key issue. Fredy Guarin and Abel Aguilar were thoroughly missed in a 1-0 loss to Venezuela but in the opening quarter of an hour, Colombia looked a side who needed no midfielders, just a finish of the many chances.
Teo earned a corner off Zambrano that James took quickly to keep the pressure up. Ascues dealt well with the powerful cross though and he game died down into a fast-paced game instead of the huge pressure from Colombia in the opening stages.
Lobaton went in hard on Juan Cuadrado and the Chelsea man left the field to take treatment before returning to cross deep in a crowded box, earning a corner.
This time, James' ball took Falcao by surprise as it bounced off his chest and over the line for a goal kick.
Peru settled into the game after twenty minutes of Colombia domination. By no means did they look the better side, but by every means did they look under less pressure than before.
Valencia goes off injured
Edwin Valencia, who missed the World Cup last year, had to come off on a stretcher with a serious injury to be replaced by Alexander Mejia in the 24th minute.
Ospina was left wincing by a soft challenge just moments later as the game continued to be broken up by free-kicks, benefiting Peru with Colombia relying on flow to break down the Peruvian defence.
While Colombia's goalkeeper was wincing, Gallese was doing so moments later, but not for an injury. Spending too much time on the ball from a backpass, Falcao charged down the Juan Aurich player to steal the ball from his feet only for it to bounce out of play.
With the game more even, Peru retained a game plan involving fouling the stars of Pekerman's side. James was clattered twice in one minute as Josepmir Ballon picked up a booking.
Armero drove down the left flank to earn a corner again, doing well to force a block out for a set-piece. Yet the short corner option was taken and wasted, the ball ending up in their own half.
Pizarro danced through two Colombia players before shooting from long range with power. Carlos Sanchez leaped in front of the ball to give Ospina the chance to catch a looping deflection easily.
Santiago Arias played a short ball to James on the edge of the area but his strike was blocked instantly as the Peruvian defender charged the ball down well.
Yet that didn't stop Los Cafeteros, who came forward quickly once more, James the provider now, chipping a delightful ball to Radamel Falcao. The captain couldn't stay onside though, still failing to provide in the Copa America for Colombia.
Paolo Guerrero had a brilliant opportunity to give an ever-improving Peru the lead. Advincula cut inside from his right flank to poke through a nice ball in front of Guerrero and his low shot beat Ospina, only to painfully go past his post as well.
Again, the stretcher came out, this time for a Peru player as Juan Cuadrado lost the ball and tried to make up for his mistake by stretching out into a challenge on Zambrano. The heart of Peru's defence came off far worse and went down the tunnel for an assessment over half time on a stretcher.
Stalemate in first half
Despite major concerns for Peru with Zambrano's injury, he came back out for the second half looking as fit as ever with no changes made from either side.
Colombia, knowing they had to score to go through, tried to take control of the second half quickly, patiently keeping possession before charging forward as a unit.
Advincula, ever involved in Peru's attacks, gave Joel Sanchez the ball and the space to run into as he unleashed a powerful shot from long range to test Ospina early in the second half.
Los Cafeteros looked very stretched in defence as Peru broke with great speed, Sanchez having another opportunity in space but he struck to Ospina's right and the Arsenal goalkeeper got down easily enough to parry the shot.
Peru on top with little to show for it
Two chances for Sanchez gave Peru confidence to go forward more often, keeping Carlos Sanchez busy in defensive midfield.
Lobaton took the Peruvian captain's armband as Pizarro came off for Jefferson Farfan, having returned to training three days earlier.
Pablo Armero, looking good as an attacking right back, was replaced by Victor Ibarbo in a very attacking substitution from Jose Pekerman, looking for an all important, an essential, goal with 35 minutes to go.
Farfan's first contribution was to be clattered down by James Rodriguez before curling a free kick right into Ospina's hands.
James produced a wonderful, penetrating pass to Arias on the left hand side but Falcao couldn't finish the move off with his head.
It had been Peru committing foul after foul in the first half as Colombia dominated but with Peru taking full control of the second half, and continually growing in confidence, it was Los Cafeteros making silly fouls.
Carlos Sanchez tripped up Ascues before he picked up a booking for a second foul in as many minutes.
Peru's captain had already left the pitch and Pekerman followed suit by taking Falcao off for Jackson Martinez, on the verge of a move away from Porto.
The substitution seemed to invigorate and wake up Colombia. Teo Gutierrez picked up the ball on the half way line, drove forward, offloaded to James whose shot was parried into Jackson Martinez' path to strike at Gallese who tipped it out for a corner.
Advincula had an ambitious effort as space opened up in front of him at 73 minutes, striking powerfully past Ospina's left post.
Juan Cuadrado moved into the right-back position as Pekerman continued to transform the eleven on the pitch to the most attacking team possible.
Jeison Murillo put in the clean, sliding tackle that rarely comes around these days to start a Colombia counter attack. Ibarbo and Martinez combined on the right flank but they still couldn't penetrate Peru's incredibly disciplined back line.
James sent a chipped ball to Gutierrez but it was just too far for the River Plate striker to reach.
The Real Madrid star was involved once more, shouts for a penalty arising but the referee giving, correctly, a penalty as he was taken down by Carlos Lobaton.
Cuadrado took ahead of James, standing above the ball, but even the consistently calm Pekerman found it hard to control his frustration as the Chelsea man struck it straight at the wall before fluffing the rebound.
Joel Sanchez came off with ten minutes to go for Paolo Hurtado as Colombia's frustration grew and Peru knew holding out would see them into the round of 16.
Peru hold out brilliantly in final minutes
Colombia couldn't risk everything, a 0-0 draw possibly seeing them through as best third place side, but they were giving anything. And even with that, Peru forced Los Cafeteros off the ball, interceptions all across the pitch, clearances here, there and everywhere.
Yoshimar Yotun came on for Cueva as Peru ran down the clock.
Jackson Martinez had a wonderful chance to grab a win late on for Colombia yet the flight of the ball sent him too wide and his shot couldn't test Gallese.
Farfan picked up a booking in four minutes of added time.
James used the outside of his boot to sweep a ball across the box but it evaded Martinez and Cuadrado and Gallese took the goal kick.
Ibarbo had a great chance, not having been a central part of things since coming on, but wasted it, heading over Gallese's crossbar.
The full time whistle signalled celebrations from the Peruvian camp while the consistently calm Jose Pekerman oozed nervousness along with his players, knowing they had missed the chance to ensure a place in the knockout stages by failing to score.