"This is the first chapter of something historic and we're going to be talked about a lot," Venezuela striker Nicolas Fedor said after his side celebrated the draw like a victory.
Venezuela survived a controversial decision from Bolivian referee Raul Orosco when Brazil looked to have earned a penalty for handball near the end of the first half.
Just before the hour, left-back Gabriel Cichero put in a cross for the head of striker Nicolas Fedor which goalkeeper Julio Cesar, one of Brazil's few survivors from last year's World Cup side, just beat him to.
Julio Cesar had to deal with a couple of shots on target, something he did not have in the first half, while Brazil's attacks continued to lack enough clarity needed to breach the Venezuelan defence.
"I think there are no longer any dumb teams. This is 11 against 11 and everyone has a chance," Julio Cesar told reporters.
It was the second match in the tournament's first three days in which favourites were held to draws after hosts Argentina had to come from behind to hold Bolivia 1-1 on Friday.
