Paraguayan Communist Party (in Spanish: Partido Comunista Paraguayo) is a communist political party in Paraguay. PCP was founded on February 19, 1928. Later it was recognized as a section of the Communist International. It was brutally suppressed during the military regimes of the country. It gained legality for a brief period in 1936 and then again in 1946-1947. After the fall of the Alfredo Stroessner regime the party re-emerged as a legal party.

During 2008 presidential election, PCP supported the candidate of Patriotic Alliance for Change, Fernando Lugo, who won the election.