Abstract: Contrary to other regions of the world, Latin American countries have seen arbitration with mistrust. Such mistrust stemmed from the Calvo Doctrine, which was gradually losing space in the 1960s, and especially in the 1990s, when many countries entered into numerous bilateral investment treaties (BITs) with each other and developed countries. However, by the end of 1990s, the number of ICSID arbitrations skyrocketed, which caused some countries in Latin America to adopt once again the Calvo Doctrine. In this context, the present article discusses, first, the mistrust of Latin American countries towards investment arbitration, and, secondly, the policy adopted by these countries as a consequence of such mistrust.