IBOV 176,658 ▲ 0.52% IPSA 10,928 ▲ 0.16% IPC MEX 66,594 ▲ 0.94% MERVAL 3,272,235 ▲ 1.14% COLCAP 2,302.16 ▼ 0.24% BVL PERÚ 56,428.20 ▲ 2.38% USD/BRL5.08▼ 1.20% USD/MXN17.41▼ 0.66% USD/CLP924.43▼ 0.91% USD/COP3,256▼ 0.21% USD/PEN3.40▼ 0.46% USD/ARS1,476▼ 0.47% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.33▲ 0.42% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.64% USD/TTD6.75▲ 1.19% EUR/BRL5.81▼ 0.20% BRENT 85.37 ▲ 2.48% WTI 79.70 ▲ 2.00% IRON ORE 161.91 — — COPPER 6.42 ▲ 3.00% GOLD 4,082 ▲ 2.12% SILVER 59.38 ▲ 3.02% SOY 1,192 ▼ 0.87% CORN 460.25 ▲ 5.14% WHEAT 639.50 ▲ 1.99% COFFEE 335.05 ▼ 1.86% SUGAR 14.82 ▲ 0.47% ORANGE JUICE 137.70 ▼ 3.40% COTTON 81.07 ▲ 1.55% COCOA 5,566 ▼ 2.28% BEEF 228.85 ▼ 2.50% CATTLE 349.93 ▼ 1.25% LITHIUM 71.75 ▲ 2.15% PETR4 40.88 ▲ 0.54% VALE3 74.23 ▲ 1.89% ITUB4 43.88 ▲ 0.83% BBDC4 18.90 ▲ 0.69% ABEV3 15.96 ▲ 0.82% BBAS3 20.44 ▲ 0.99% B3SA3 15.37 ▲ 1.65% WEGE3 44.37 ▼ 0.05% PRIO3 57.27 ▲ 0.12% SUZB3 41.07 ▼ 1.01% RENT3 40.58 ▲ 0.95% AZZA3 18.89 ▼ 1.72% CSAN3 3.89 ▼ 0.26% RAIZ4 0.33 — 0.00% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.46 ▲ 0.78% CVCB3 1.30 ▲ 4.00% POSI3 3.96 ▼ 0.75% SLCE3 13.92 ▲ 0.36% NATU3 8.48 ▼ 1.40% BRKM5 6.82 ▼ 1.73% RANI3 8.00 ▲ 0.63% CSNA3 5.17 ▼ 1.34% CMIN3 5.21 ▼ 4.40% USIM5 8.32 ▼ 0.72% GGBR4 23.12 ▲ 1.31% ENEV3 26.90 ▲ 0.07% CPFE3 47.05 ▲ 0.45% CMIG4 11.13 ▲ 0.54% EQTL3 40.81 ▲ 1.49% LREN3 14.12 ▼ 0.21% VIVT3 35.20 ▲ 1.35% RAIL3 14.14 ▲ 0.21% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.55 ▲ 1.92% RDOR3 36.12 ▲ 1.57% HAPV3 10.71 ▲ 2.39% FLRY3 16.29 ▲ 0.87% SMTO3 16.31 ▼ 0.37% UGPA3 29.26 ▼ 5.40% VBBR3 32.32 ▼ 1.34% BBSE3 40.36 ▲ 0.20% BPAC11 58.38 ▲ 1.50% CURY3 33.14 ▲ 0.06% AERI3 2.09 ▲ 0.48% VIVARA 23.25 ▲ 0.61% COMPASS 25.00 ▲ 0.93% VAMOS 3.02 — 0.00% SANB11 27.59 ▲ 0.80% ASAI3 8.65 ▼ 0.69% SBSP3 30.56 ▲ 0.63% WALMEX 49.60 ▼ 0.10% GMEXICO 201.52 ▲ 3.03% FEMSA 228.45 ▲ 1.37% CEMEX 22.60 ▲ 3.76% GFNORTE 186.23 ▲ 2.28% BIMBO 55.90 ▲ 0.05% TELEVISA 9.56 ▼ 0.52% AMX 22.77 ▲ 0.80% GAP 386.55 ▼ 5.30% ASUR 278.12 ▼ 0.19% OMA 233.85 ▲ 0.23% KOF 180.71 ▼ 0.53% GRUMA 280.45 ▼ 0.33% KIMBER 38.22 — 0.00% SQM-B 68,400 ▲ 1.77% COPEC 6,074 ▲ 0.28% BSANTANDER 78.20 — 0.00% FALABELLA 5,927 ▲ 0.37% ENELAM 84.20 — 0.00% CENCOSUD 2,042 ▲ 0.08% CMPC 1,078 ▼ 0.01% BANCO CHILE 186.00 ▲ 0.54% LATAM AIR 24.56 ▼ 1.37% YPF 78,150 ▲ 1.26% GGAL 8,210 ▲ 1.61% PAMPA 5,255 ▲ 0.57% TXAR 665.50 ▲ 0.15% ALUAR 962.50 ▼ 0.21% TGS 9,605 ▲ 0.37% CEPU 2,318 ▼ 0.04% MIRGOR 16,800 ▼ 1.18% COME 45.31 ▲ 1.18% LOMA NEGRA 3,560 ▲ 1.79% BYMA 307.75 ▼ 0.16% TELECOM ARG 4,275 ▲ 0.59% ECOPETROL 15.95 ▲ 0.41% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.98 ▲ 1.43% CREDICORP 393.09 ▲ 0.99% SOUTHERN COPPER 182.35 ▲ 4.48% BUENAVENTURA 31.39 ▲ 5.26% MERCADOLIBRE 1,867 ▲ 0.01% NUBANK 14.25 ▲ 4.21% XP 16.60 ▲ 1.41% PAGSEGURO 9.30 ▲ 0.22% STONE 11.25 ▲ 0.90% GLOBANT 31.83 ▼ 0.90% TECNOGLASS 43.08 ▲ 0.56% GAP AIRPORT 222.54 ▼ 4.39% ASUR 278.12 ▼ 0.19% OMA AIRPORT 107.37 ▲ 1.17% AMX ADR 26.16 ▲ 0.50% FEMSA ADR 131.40 ▲ 1.85% CEMEX ADR 12.98 ▲ 4.26% PETROBRAS ADR 18.09 ▲ 1.17% VALE ADR 14.61 ▲ 3.00% ITAU ADR 8.63 ▲ 1.89% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.12 ▲ 2.05% CSN 1.03 ▼ 0.49% GERDAU 4.58 ▲ 1.89% LATAM ADR 52.94 ▼ 0.73% BTC 63,845 ▲ 2.58% ETH 1,864 ▲ 5.09% SOL 76.81 ▲ 2.60% XRP 1.10 ▲ 2.91% BNB 578.36 ▲ 2.07% ADA 0.16 ▲ 3.61% DOGE 0.07 ▲ 2.85% AVAX 6.61 ▲ 2.57% LINK 8.30 ▲ 5.39% DOT 0.85 ▲ 1.49% LTC 44.54 ▲ 2.42% BCH 238.44 ▲ 0.93% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 1.69% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 6.06% ATOM 1.55 ▲ 0.98% AAVE 98.80 ▲ 4.70% SELIC 14.25% EMBRAER 82.91 ▼ 0.12% EMBRAER ADR 65.23 ▲ 1.16% JBS 11.81 ▲ 0.04% JBS BDR 59.80 ▼ 1.34% MBRF3 15.85 ▲ 0.83% MBRFY 3.05 — 0.00% INTER 5.73 ▲ 1.33% EGX 52,299 ▼ 0.59% USD/ZAR16.35▼ 0.75% USD/NGN1,381▲ 0.07% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY161.99▼ 0.28% USD/CNY6.76▼ 0.33% DAX 25,066 ▼ 0.19% CAC 8,358 ▼ 0.08% FTSE 10,534 ▲ 0.34% MIB 52,828 ▲ 0.04% IBEX 19,337 — 0.00% STOXX 641.19 ▲ 0.03% EUR/USD1.14▲ 0.55% GBP/USD1.34▲ 0.09% SPX 7,534 ▲ 0.25% DJI 52,603 ▲ 0.20% NDX 29,482 ▲ 0.74% RUT 2,962 ▲ 0.31% TSX 35,446 ▲ 0.55% VIX 16.64 ▼ 3.03% USD/CAD1.41▼ 0.61% US10Y 4.5650 ▼ 0.95% IBOV 176,658 ▲ 0.52% IPSA 10,928 ▲ 0.16% IPC MEX 66,594 ▲ 0.94% MERVAL 3,272,235 ▲ 1.14% COLCAP 2,302.16 ▼ 0.24% BVL PERÚ 56,428.20 ▲ 2.38% USD/BRL 5.08 ▼ 1.19% USD/MXN 17.41 ▼ 0.65% USD/CLP 924.52 ▼ 0.90% USD/COP 3,258 ▼ 0.13% USD/PEN 3.39 ▼ 0.57% USD/ARS 1,476 ▼ 0.47% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.33 ▲ 0.42% USD/CRC 448.93 ▲ 1.31% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.38% USD/NIO 36.62 ▲ 0.63% USD/VES 722.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.64% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.81 ▼ 0.20% BRENT 85.37 ▲ 2.48% WTI 79.70 ▲ 2.00% IRON ORE 161.91 — — COPPER 6.42 ▲ 3.00% GOLD 4,082 ▲ 2.12% SILVER 59.38 ▲ 3.02% SOY 1,192 ▼ 0.87% CORN 460.25 ▲ 5.14% WHEAT 639.50 ▲ 1.99% COFFEE 335.05 ▼ 1.86% SUGAR 14.82 ▲ 0.47% ORANGE JUICE 137.70 ▼ 3.40% COTTON 81.07 ▲ 1.55% COCOA 5,566 ▼ 2.28% BEEF 228.85 ▼ 2.50% CATTLE 349.93 ▼ 1.25% LITHIUM 71.75 ▲ 2.15% PETR4 40.88 ▲ 0.54% VALE3 74.23 ▲ 1.89% ITUB4 43.88 ▲ 0.83% BBDC4 18.90 ▲ 0.69% ABEV3 15.96 ▲ 0.82% BBAS3 20.44 ▲ 0.99% B3SA3 15.37 ▲ 1.65% WEGE3 44.37 ▼ 0.05% PRIO3 57.27 ▲ 0.12% SUZB3 41.07 ▼ 1.01% RENT3 40.58 ▲ 0.95% AZZA3 18.89 ▼ 1.72% CSAN3 3.89 ▼ 0.26% RAIZ4 0.33 — 0.00% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.46 ▲ 0.78% CVCB3 1.30 ▲ 4.00% POSI3 3.96 ▼ 0.75% SLCE3 13.92 ▲ 0.36% NATU3 8.48 ▼ 1.40% BRKM5 6.82 ▼ 1.73% RANI3 8.00 ▲ 0.63% CSNA3 5.17 ▼ 1.34% CMIN3 5.21 ▼ 4.40% USIM5 8.32 ▼ 0.72% GGBR4 23.12 ▲ 1.31% ENEV3 26.90 ▲ 0.07% CPFE3 47.05 ▲ 0.45% CMIG4 11.13 ▲ 0.54% EQTL3 40.81 ▲ 1.49% LREN3 14.12 ▼ 0.21% VIVT3 35.20 ▲ 1.35% RAIL3 14.14 ▲ 0.21% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.55 ▲ 1.92% RDOR3 36.12 ▲ 1.57% HAPV3 10.71 ▲ 2.39% FLRY3 16.29 ▲ 0.87% SMTO3 16.31 ▼ 0.37% UGPA3 29.26 ▼ 5.40% VBBR3 32.32 ▼ 1.34% BBSE3 40.36 ▲ 0.20% BPAC11 58.38 ▲ 1.50% CURY3 33.14 ▲ 0.06% AERI3 2.09 ▲ 0.48% VIVARA 23.25 ▲ 0.61% COMPASS 25.00 ▲ 0.93% VAMOS 3.02 — 0.00% SANB11 27.59 ▲ 0.80% ASAI3 8.65 ▼ 0.69% SBSP3 30.56 ▲ 0.63% WALMEX 49.60 ▼ 0.10% GMEXICO 201.52 ▲ 3.03% FEMSA 228.45 ▲ 1.37% CEMEX 22.60 ▲ 3.76% GFNORTE 186.23 ▲ 2.28% BIMBO 55.90 ▲ 0.05% TELEVISA 9.56 ▼ 0.52% AMX 22.77 ▲ 0.80% GAP 386.55 ▼ 5.30% ASUR 278.12 ▼ 0.19% OMA 233.85 ▲ 0.23% KOF 180.71 ▼ 0.53% GRUMA 280.45 ▼ 0.33% KIMBER 38.22 — 0.00% SQM-B 68,400 ▲ 1.77% COPEC 6,074 ▲ 0.28% BSANTANDER 78.20 — 0.00% FALABELLA 5,927 ▲ 0.37% ENELAM 84.20 — 0.00% CENCOSUD 2,042 ▲ 0.08% CMPC 1,078 ▼ 0.01% BANCO CHILE 186.00 ▲ 0.54% LATAM AIR 24.56 ▼ 1.37% YPF 78,150 ▲ 1.26% GGAL 8,210 ▲ 1.61% PAMPA 5,255 ▲ 0.57% TXAR 665.50 ▲ 0.15% ALUAR 962.50 ▼ 0.21% TGS 9,605 ▲ 0.37% CEPU 2,318 ▼ 0.04% MIRGOR 16,800 ▼ 1.18% COME 45.31 ▲ 1.18% LOMA NEGRA 3,560 ▲ 1.79% BYMA 307.75 ▼ 0.16% TELECOM ARG 4,275 ▲ 0.59% ECOPETROL 15.95 ▲ 0.41% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.98 ▲ 1.43% CREDICORP 393.09 ▲ 0.99% SOUTHERN COPPER 182.35 ▲ 4.48% BUENAVENTURA 31.39 ▲ 5.26% MERCADOLIBRE 1,867 ▲ 0.01% NUBANK 14.25 ▲ 4.21% XP 16.60 ▲ 1.41% PAGSEGURO 9.30 ▲ 0.22% STONE 11.25 ▲ 0.90% GLOBANT 31.83 ▼ 0.90% TECNOGLASS 43.08 ▲ 0.56% GAP AIRPORT 222.54 ▼ 4.39% ASUR 278.12 ▼ 0.19% OMA AIRPORT 107.37 ▲ 1.17% AMX ADR 26.16 ▲ 0.50% FEMSA ADR 131.40 ▲ 1.85% CEMEX ADR 12.98 ▲ 4.26% PETROBRAS ADR 18.09 ▲ 1.17% VALE ADR 14.61 ▲ 3.00% ITAU ADR 8.63 ▲ 1.89% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.12 ▲ 2.05% CSN 1.03 ▼ 0.49% GERDAU 4.58 ▲ 1.89% LATAM ADR 52.94 ▼ 0.73% BTC 63,845 ▲ 2.58% ETH 1,864 ▲ 5.09% SOL 76.81 ▲ 2.60% XRP 1.10 ▲ 2.91% BNB 578.36 ▲ 2.07% ADA 0.16 ▲ 3.61% DOGE 0.07 ▲ 2.85% AVAX 6.61 ▲ 2.57% LINK 8.30 ▲ 5.39% DOT 0.85 ▲ 1.49% LTC 44.54 ▲ 2.42% BCH 238.44 ▲ 0.93% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 1.69% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 6.06% ATOM 1.55 ▲ 0.98% AAVE 98.80 ▲ 4.70% SELIC 14.25% EMBRAER 82.91 ▼ 0.12% EMBRAER ADR 65.23 ▲ 1.16% JBS 11.81 ▲ 0.04% JBS BDR 59.80 ▼ 1.34% MBRF3 15.85 ▲ 0.83% MBRFY 3.05 — 0.00% INTER 5.73 ▲ 1.33% EGX 52,299 ▼ 0.59% USD/ZAR 16.35 ▼ 0.66% USD/NGN 1,381 ▲ 0.20% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY 161.99 ▼ 0.27% USD/CNY 6.7582 ▼ 0.19% DAX 25,066 ▼ 0.19% CAC 8,358 ▼ 0.08% FTSE 10,534 ▲ 0.34% MIB 52,828 ▲ 0.04% IBEX 19,337 — 0.00% STOXX 641.19 ▲ 0.03% EUR/USD 1.1450 ▲ 0.55% GBP/USD 1.3406 ▲ 0.43% SPX 7,534 ▲ 0.25% DJI 52,603 ▲ 0.20% NDX 29,482 ▲ 0.74% RUT 2,962 ▲ 0.31% TSX 35,446 ▲ 0.55% VIX 16.64 ▼ 3.03% USD/CAD 1.4068 ▼ 0.60% US10Y 4.5650 ▼ 0.95%
since 2009
Tuesday, July 14, 2026

How Cocaine Connects Colombia, Ecuador, and Mexican Cartels

By · March 19, 2026 · 3 min read

Daily Brief

The morning intel from across Latin America. Free.

By subscribing you agree to our privacy policy. We never share your email.

Key Points

Germán Aguilar, known as Lobo Menor and second-in-command of Ecuador’s Los Lobos gang, was arrested in Mexico City’s upscale Polanco neighborhood carrying a fake Colombian passport — wanted for masterminding the 2023 assassination of presidential candidate Fernando Villavicencio

The arrest illuminates a cocaine supply chain running from Colombian FARC dissident territories through Ecuadorian ports to Mexico’s Jalisco New Generation Cartel, which the Trump administration has formally linked to Los Lobos

Colombia’s President Petro confirmed Lobo Menor was connected to FARC dissident leader Iván Mordisco — the country’s most wanted fugitive with a $1.3 million bounty — deepening the three-country criminal convergence

The Mexico Ecuador drug link that security analysts have tracked for over a decade was laid bare this week when Mexican authorities arrested Germán Aguilar — known as Lobo Menor — in the wealthy Polanco district of Mexico City. Ecuador’s Interior Minister confirmed Aguilar had an outstanding warrant for the 2023 assassination of Fernando Villavicencio, a presidential candidate gunned down after a campaign rally in Quito.

The Rio Times, the Latin American financial news outlet, examines how the arrest connects the criminal underworlds of three countries — and what it reveals about the cocaine corridor running from Colombia’s conflict zones through Ecuador’s ports to Mexican cartel distribution networks.

One-stop reference
Company Intelligence
Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.
Browse the directory →

Who Is Lobo Menor

Aguilar is the stepson of Wilmer Chavarría, alias Pipo, the founder and leader of Los Lobos — one of Ecuador’s most powerful criminal organizations. When Pipo faked his own death during Ecuador’s brutal 2021 prison crisis and fled to Spain, where he was captured in November 2025, Aguilar took operational control of the gang.

How Cocaine Connects Colombia, Ecuador, and Mexican Cartels. (Photo Internet reproduction)
RT
Ask Rio Times
17 years of Latin America reporting, on demand.
Open the full Ask Rio Times →

Aguilar’s criminal record stretches back over a decade. In 2013, at age 22, he was sentenced to 20 years for the murder of the brother of Ecuador’s then-Interior Minister. He later obtained early release under virtual monitoring that authorities failed to enforce — and disappeared from the country entirely.

The Mexico Ecuador Drug Link in Practice

The supply chain works like this: cocaine produced in Colombia’s FARC dissident-controlled territories flows to Ecuadorian gangs who channel it through Pacific and Caribbean ports. From there, Mexican cartels — primarily the Jalisco New Generation Cartel (CJNG) — handle the final leg into the United States, the world’s largest consumer market.

The Trump administration has formally identified a link between Los Lobos and CJNG structures. Mexican military documents obtained by El País show Ecuador‘s government has known about the CJNG-Los Lobos connection for at least five years. The recent death of CJNG leader Nemesio Oseguera, known as Mencho, in a military confrontation in Jalisco has clouded the current shape of the Mexican-Ecuadorian criminal relationship.

Colombia’s FARC Dissident Connection

President Gustavo Petro celebrated the arrest and confirmed that Lobo Menor was linked to Iván Mordisco — the leader of the FARC dissident faction known as the Estado Mayor Central, which rejected the 2016 peace accord. Mordisco is Colombia’s most wanted fugitive, with a bounty of 5 billion pesos ($1.3 million).

The Mordisco connection adds a third country to the criminal web. Los Lobos grew rapidly after splitting from Los Choneros, Ecuador’s historically dominant gang, during the 2021 prison massacres that killed over 100 inmates. Their expansion was financed by narcotrafficking networks and CJNG support, eventually giving them control over more than half of Ecuador’s provinces.

The Villavicencio Assassination

Prosecutors say Aguilar did not merely order the killing — he planned it and ensured the operation remained secret. On August 9, 2023, Villavicencio was shot dead leaving a campaign event in northern Quito.

One of the seven hitmen died at the scene. The other six, all Colombian nationals, were arrested and then murdered inside Ecuadorian prisons days later — destroying a critical path to the truth.

The assassination marked a point of no return for Ecuador, which has experienced an extraordinary surge in homicides over the past six years. Whether Aguilar was hiding in Mexico City or conducting business there remains unclear. What is clear is that the arrest proves what security forces across three countries have long suspected: the cocaine trade has fused the criminal ecosystems of Colombia, Ecuador, and Mexico into a single, integrated, and increasingly violent network.

Deep Dive

Ecuador Colombia Crisis 2026: Complete Guide

The full timeline: from the 30% security tariff in January to 100% trade war, border bombings, CAN collapse, and what the May 31 election means for both countries.

Read the Complete Guide →

Read More from The Rio Times

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.