The Lima Group reaffirmed their support for Venezuelan opposition leader Juan Guaido and called for fresh elections during a meeting at the San Martin palace in Buenos Aires on Tuesday.
"The crisis is deteriorating and requires an urgent solution through a transition with credible, transparent, free, and fair elections accompanied by the international community and international observation," said Peruvian Foreign Minister Nestor Popolizio.
"What Venezuela is going through threatens peace, regional security and also compromises international security," added Argentine Foreign Minister Jorge Marcelo Faurie.
The group of a dozen Latin American countries and Canada also agreed to investigate the officials of the Maduro regime who are involved in irregular acts of drug trafficking and human rights violations.
Earlier on Tuesday, Venezuela's National Assembly unanimously approved a law returning Venezuela to the Inter-American Treaty of Reciprocal Assistance, viewed by the opposition as a precursor to requesting foreign military intervention to oust Venezuelan President Nicolas Maduro.
The move was seen as a last resort by the regional body, as Faurie clarified: "The use of force will always be a resource to be used at the appropriate moment."
The member countries also requested that the recent report presented by the UN Commission on Human Right, regarding the rights violations in the country, be sent to the International Criminal Court.