A referendum on the Chaco Treaty with Bolivia was held in Paraguay on 15 August 1938.^[1] The treaty was approved by 91% of voters.

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1938 Paraguayan Chaco Treaty referendum

15 August 1938
Are you in agreement with the amendment to Art. 120 of the National Constitution, which will read as follows: Paraguayan citizens, without distinction, who have turned eighteen years of age are eligible to vote. Paraguayans residing abroad are voters. Citizens are electors and eligible, without more restrictions than those established in this Constitution and in the law. Foreigners with permanent residence will have the same rights in municipal elections.
Results
Choice Votes  % Yes 135,835 91.14% No 13,204 8.86% Valid votes 149,039 99.63% Invalid or blank votes 559 0.37% Total votes 149,598 100.00%

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Following the 1932–1935 Chaco War between Bolivia and Paraguay, a peace conference was held in Buenos Aires. An agreement, the Chaco Treaty, was signed on 21 July 1938, which required ratification within 20 days. In Bolivia the treaty was approved by Congress, while in Paraguay it was put to a referendum.^[1]