Abstract The Surface Water and Ocean Topography (SWOT) satellite mission offers unprecedented estimates of global river discharge. This study provides a first continental‐scale assessment of SWOT Consensus discharge performance across South America and compares it with a large‐scale hydrodynamic model and in situ observations. Consensus generally exhibits higher skill with a median Kling‐Gupta Efficiency (0.43) across the 569 benchmarked reaches. Performance varies systematically with physiographic settings. Random Forest and Spearman correlation analyses identify slope and distance to outlet as the top‐ranked controls among the variables tested, though no single variable explains performance, reflecting its multi‐dimensional nature. Consensus discharge inherits systematic bias from its machine learning prior, and substantial unexplained variability highlights that further work is needed to fully diagnose low‐skill reaches.