Since the rise of the leftist governments in South America, much has been stated about the fact that the South American countries would act jointly with regard security issues. As for the security issues, some authors have emphasized that South America is a RSC, but no major research was made to verify in-depth what processes are involved in the regional dynamics of constructing and deconstructing menaces and risks. Another question relates to the fact that the construction of a security community demands greater articulation among the South American countries, which could be in default since some of the former leftist governments do not hold power anymore. Departing from a constructivist approach, the main aim of this paper is to verify how the dynamics of securitization and desecuritization in the subcontinent take place. Could we affirm that South American RSC is more an analytical tool rather than and ontological entity?