On 31 March 1963 in Cochabamba, Ugarte scored twice, in the 29th and 69th minutes, as Bolivia beat Brazil 5-4 in the match that settled the South American Championship. That title remains Bolivia's only continental championship, won unbeaten over six matches, and Ugarte reached it on the back of 318 appearances for Bolívar and 45 caps for his country; the stadium in Potosí now carries his name. Career record: 45 caps and 16 goals for Bolivia; club career at Club Bolívar, San Lorenzo de Almagro, Once Caldas.
| 1947–1958 | Club Bolívar |
| 1958–1958 | San Lorenzo de Almagro |
| 1959–1960 | Club Bolívar |
| 1961–1962 | Once Caldas |
| 1963–1966 | Club Bolívar |
| Bolivia | 45 caps, 16 goals |
Bolivia legends whose careers overlapped Ugarte's
One rank above: Julio César Baldivieso at #3.
One rank below: Marcelo Moreno Martins at #5.
Bolivia's editorial top five: Marco Etcheverry · Erwin Sánchez · Julio César Baldivieso · Víctor Agustín Ugarte · Marcelo Moreno Martins.