After 120 minutes of play Claudio Bravo saved three spot kicks from the Portuguese as Chile converted all their penalties to reach Sunday’s final in St-Petersburg.
Arturo Vidal, Aranguiz and Alexis Sanchez converted theirs past Ruis Patricio, however, Ricardo Quaresma, João Moutinho and Nani were unable to beat Bravo, whose heroics sent the European champions parking.
Ronaldo didn’t even get a chance to take a penalty.
Chile was the better of both teams as they came closest in the game, hitting the wood-work twice in the second half of extra-time.
Antonio Pizzi’s men will face Germany or Mexico in Sunday’s final.
Chile won the 2015 and 2016 Copas America on spot-kicks, both times after goalless draws. Both times against Argentina.