Having never lifted the trophy before, Claudio Borghi`s men gave an impressive demonstration of their credentials to do so this time around as they became just the second side to register a win so far.
Having fallen behind against the run of play to Nestor Aurajo`s goal just before half-time, La Roja scored twice after the break through substitute Esteban Paredes and Arturo Vidal to move ahead of Uruguay and Peru, who had drawn earlier in the day.
Mexico were on the back foot from the off, but had an early opening when Giovani dos Santos went on a weaving run that resulted in him having a shot blocked.
Chile remained the better side, though, especially with Alexis Sanchez, one of world football`s most wanted, looking dangerous.
They did not expect to fall behind to Aurajo's looping header in the 40th minute, but they did, although they need not have worried.
Paredes came off the bench on the hour and seven minutes later he was at full stretch at the far post to bundle home on the line, after four players had all gone for the same ball in the box.
Then, with Mexico only just level, Vidal got a start on his marker at the near post and planted a header into the opposite corner to win it, although it required some late indecision in the box from Edgar Pacheco to cement the points.