In 2020, Lasso announced his third presidential campaign to replace his 2017 rival Lenin Moreno. He was at first seen as the front-runner but Rafael Correa-supporting candidate Andrés Arauz became his rival. In February 2021, Arauz won the majority of votes to go to the second round. Lasso came in second place beating Yaku Pérez Guartambel. Lasso then beat Arauz in the run-off in April.