Are arms races and military arms modernization programs the same thing, in other words, a competition for military supremacy? This is an important question, as some countries in South America have acquired and are currently acquiring high-tech arms systems. The criteria for a military arms modernization program differ from those that characterize a traditional arms race. Not only are the variables that lead to and condition the outbreak of an arms competition fundamentally dissimilar from arms modernization programs, but the contextual framework within which this phenomenon occurs is essentially different. That said, to what extent can these arms modernization programs generate perceptions of insecurity?