Heartbreak again for Argentina as hosts Chile win on penalties to clinch their first ever Copa America title

Chile won the Copa America for the first time in the tournament's 99-year history early on Sunday Bangladesh time when they beat Argentina 4-1 on penalties after 90 minutes and extra time failed to produce a goal.

Alexis Sanchez netted the clinching goal from the spot after Gonzalo Higuain and Ever Banega had missed for Argentina.

The nail-biting finish came after a tense 0-0 draw in which neither side dominated and clear-cut chances were few and far between.

Chile players celebrate after defeating Argentina in their Copa America 2015 final soccer match at the National Stadium in Santiago, Chile, July 4, 2015. Reuters

Chile had beaten Argentina just once in 38 competitive matches before the final and celebrated the triumph in front of an ecstatic home crowd at the National Stadium.

"This is something so nice for all the Chilean people,” midfielder Arturo Vidal told reporters.

"We Chileans needed a triumph, something like this Cup, today we took an incredible step, we’re (South) America’s best."

Sanchez dinked his penalty into the middle of the goal with Chile’s fourth kick to guarantee the shootout win.

Argentina's Gonzalo Higuain walks back after failing to score on a penalty kick against Chile in their Copa America 2015 final soccer match at the National Stadium in Santiago, Chile, July 4, 2015. Reuters

Lionel Messi scored with Argentina’s first penalty, but then watched Higuain shoot his over and Banega have his poor attempt saved by Chile captain Claudio Bravo.

It was Higuain who had come closest to breaking the stalemate for Argentina in the last minute of regulation time.

Messi sent Ezequiel Lavezzi through on the left and he crossed to Higuain at the far post but the striker put the ball in the side netting with Messi in a good position.

Sanchez had one great chance to steal the game for Chile in extra time but shot wide with just goalkeeper Sergio Romero to beat.