Having come back to beat Newell’s Old Boys on penalties in the last round, Atletico were buoyed by Jo’s goal just after half time.
Leonardo Silva then struck a second to draw the scores level whilst Olimipia of Paraguay, three times winners, had a man sent off just before the end of normal time.
Matias Gimenez missed the crucial penalty in the shoot out for Olimipia as they lost the chance of their fourth title – instead Atletico claimed their first ever Copa Libertadores.
Ronaldinho also became one of a select group of players to have won both the Copa Libertadores and the Champions League.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.