Honduras won the bronze-medal match after crushing Haiti 3-0 on Tuesday, reports EFE news agency.
This was Colombia's third gold at the games, having won earlier in the Barranquilla 1946 and Cartagena 2006 events.
The hosts took the lead early in the final after a Luis Sandoval shot touched Venezuelan Jean Gutierrez for an own goal in the 11th minute.
They scored again in the 32nd minute to make it 2-0 after Leonardo Castro fired home from on a free kick.
However, the Venezuelans fought back with a goal four minutes later as Yohandry Orozco scored on a rebound.
Venezuela went all out on attack in the second half but could not convert, and Leonardo Chacon was shown a red card for crashing into the Colombian goalkeeper.
Colombia's midfield trip of Jose Enamorado, Neider Barona and Hayen Palacios put up an impressive show and controlled the match for the hosts.
Venezuela had to be satisfied with their second consecutive silver at the games, having lost the final to Mexico 1-4 in Veracruz four years earlier.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
