The 1954 Guatemalan coup d'état (Spanish: Golpe de Estado en Guatemala de 1954) deposed the democratically elected Guatemalan President Jacobo Árbenz and marked the end of the Guatemalan Revolution. The coup installed the military dictatorship of Carlos Castillo Armas, the first in a series of U.S.-backed authoritarian rulers in Guatemala. The coup was precipitated by a CIA covert operation code-named PBSuccess.

The Guatemalan Revolution began in 1944, after a popular uprising toppled the military dictatorship of Jorge Ubico. Juan José Arévalo was elected president in Guatemala's first democratic election. He introduced a minimum wage and near-universal suffrage. Arévalo was succeeded in 1951 by Árbenz, who instituted land reforms which granted property to landless peasants. The Guatemalan Revolution was disliked by the U.S. federal government, which was predisposed during the Cold War to see it as communist. This perception grew after Árbenz had been elected and formally legalized the communist Guatemalan Party of Labour. The U.S. government feared that Guatemala's example could inspire nationalists wanting social reform throughout Latin America. The United Fruit Company (UFC), whose highly profitable business had been affected by the softening of exploitative labor practices in Guatemala, engaged in an influential lobbying campaign to persuade the U.S. to overthrow the Guatemalan government. U.S. President Harry S. Truman authorized Operation PBFortune to topple Árbenz in 1952, which was a precursor to PBSuccess.

Dwight D. Eisenhower was elected U.S. president in 1952, promising to take a harder line against communism, and his staff members John Foster Dulles and Allen Dulles had significant links to the United Fruit Company. The U.S. federal government drew exaggerated conclusions about the extent of communist influence among Árbenz's advisers, and Eisenhower authorized the CIA to carry out Operation PBSuccess in August 1953. The CIA armed, funded, and trained a force of 480 men led by Carlos Castillo Armas. After U.S. efforts to criticize and isolate Guatemala internationally, Armas' force invaded Guatemala on 18 June 1954, backed by a heavy campaign of psychological warfare, as well as air bombings of Guatemala City and a naval blockade.

The invasion force fared poorly militarily, and most of its offensives were defeated. However, psychological warfare and the fear of a U.S. invasion intimidated the Guatemalan Army, which eventually refused to fight. Árbenz unsuccessfully attempted to arm civilians to resist the invasion, before resigning on 27 June. Castillo Armas became president ten days later, following negotiations in San Salvador. Described as the definitive deathblow to democracy in Guatemala, the coup was widely criticized internationally, and strengthened the long-lasting anti-U.S. sentiment in Latin America. Attempting to justify the coup, the CIA launched Operation PBHistory, which sought evidence of Soviet influence in Guatemala among documents from the Árbenz era, but found none. Castillo Armas quickly assumed dictatorial powers, banning opposition parties, executing, imprisoning and torturing political opponents, and reversing the social reforms of the revolution. In the first few months after the coup, Castillo Armas' government executed many supporters of Árbenz, with estimates ranging from hundreds to five thousand. Political assassinations of enemies of the new regime had been planned by the CIA prior to the coup. Castillo Armas was assassinated by a member of his presidential guard in 1957. Beginning in 1960, a civil war erupted, lasting until 1996, as leftist guerrillas fought a series of U.S.-backed authoritarian regimes whose brutalities include a genocide of the Maya peoples.

U.S. President James Monroe's foreign policy doctrine of 1823 warned the European powers against further colonization in Latin America. The stated aim of the Monroe Doctrine was to maintain order and stability, and to ensure that U.S. access to resources and markets was not limited. Historian Mark Gilderhus states that the doctrine also contained racially condescending language, which likened Latin American countries to squabbling children. While the U.S. did not initially have the power to enforce the doctrine, during the 19th century many European powers withdrew from Latin America, allowing the U.S. to expand its sphere of influence. In 1895, President Grover Cleveland laid out a more militant version of the doctrine, stating that the U.S. was "practically sovereign" on the continent.

Following the Spanish–American War in 1898, this aggressive interpretation was used to create a U.S. economic empire across the Caribbean, such as with the 1903 treaty with Cuba that was heavily tilted in the U.S.' favor. U.S. President Theodore Roosevelt believed that the U.S. should be the main beneficiary of production in Central America. The U.S. enforced this hegemony with armed interventions in Nicaragua (1912–33), and Haiti (1915–34). The U.S. did not need to use its military might in Guatemala, where a series of dictators were willing to accommodate the economic interests of the U.S. in return for its support for their regimes. Guatemala was among the Central American countries of the period known as a banana republic. From 1890 to 1920, control of Guatemala's resources and its economy shifted away from Britain and Germany to the U.S., which became Guatemala's dominant trade partner. The Monroe Doctrine continued to be seen as relevant to Guatemala, and was used to justify the coup in 1954.

Following a surge in global coffee demand in the late 19th century, the Guatemalan government made several concessions to plantation owners. It passed legislation that dispossessed the communal landholdings of the Indigenous population and allowed coffee growers to purchase it. Manuel Estrada Cabrera, President of Guatemala from 1898 to 1920, was one of several rulers who made large concessions to foreign companies, including the United Fruit Company (UFC). Formed in 1899 by the merger of two large U.S. corporations, the new entity owned large tracts of land across Central America, and in Guatemala controlled the railroads, the docks, and the communication systems. By 1900 it had become the largest exporter of bananas in the world, and had a monopoly over the Guatemalan banana trade. Journalist and writer William Blum describes UFC's role in Guatemala as a "state within a state". The U.S. government was closely involved with the Guatemalan state under Cabrera, frequently dictating financial policies and ensuring that American companies were granted several exclusive rights. When Cabrera was overthrown in 1920, the U.S. sent an armed force to make certain that the new president remained friendly to it.

Fearing a popular revolt following the unrest created by the Great Depression, wealthy Guatemalan landowners lent their support to Jorge Ubico, who won an uncontested election in 1931. Ubico's regime became one of the most repressive in the region. He abolished debt peonage, replacing it with a vagrancy law which stipulated that all landless men of working age needed to perform a minimum of 100 days of forced labor annually. He authorized landowners to take any actions they wished against their workers, including executions. Ubico was an admirer of European fascist leaders such as Benito Mussolini and Adolf Hitler, but had to ally with the U.S. for geopolitical reasons, and received substantial support from this country throughout his reign. A staunch anti-communist, Ubico reacted to several peasant rebellions with incarcerations and massacres.