Colombia and Peru faced off in the quarterfinals of Copa America in Cordoba, Argentina, on Saturday.

Peru reached the semifinals for the first time since 1997 with the 2-0 win in extra time.

Midfielder Carlos Augusto Lobaton scored from inside the penalty area in the 101st minute. Minutes later, Juan Manuel Vargas gave the insurance goal with a shot from near the penalty spot in the 111th.

Colombia could have won the game in regulation, but star striker Radamel Falcao missed a penalty kick in the 65th minute. Falcao is the subject of multiple transfer rumors.

Colombia went into the match as somewhat of a title favorite after excellent play in the group stage and after not conceding a goal in all three matches.

Peru advances to Santa Fe for a possible chance to reach the Finals -- an amazing prospect for a country that has historically struggled in the tournament.

Take a look at the highlights: