Political polarization is a systemic-level and multifaceted process that severs cross-cutting ties and shifts perceptions of politics to a zero-sum game. When it turns pernicious, political actors and supporters view opponents as an existential threat and the capacity of democratic institutions to process political conflict breaks down. The article identifies four common fault lines of polarization globally – who belongs, democracy, inequality and social contract. It argues that while Latin American countries experience, to varying degrees, all four of the fault lines, it is the deep-seated, persistent social hierarchies oriented around class, race, and place that stand out relative to other countries. Reaching consensus on reforms that may renew or reformulate agreements on the terms of the social contract, boundaries of community membership, and redressing social inequality is a tall task. Yet the region’s sustained consensus on the democratic rules of the game can provide the mechanisms for addressing this task if new majority coalitions can be formed.