The South American gray fox is a small fox-like canid, weighing 2.5 to 5.45 kilograms (5.5 to 12.0 lb), and measuring 65 to 110 centimetres (26 to 43 in) in length including a tail of 20 to 43 cm (8 to 17 in). The head is reddish-brown flecked with white. The ears are large and there is a distinct black spot on the chin. The pelage is brindled, with agouti guard hairs and a short, dense pale undercoat. The underparts are pale grey. The limbs are tawny and the thighs are crossed by a dark bar. The long, bushy tail has a dark dorsal stripe and dark tip with a paler, mottled underside.

The diet varies in different parts of its range and at different times of year. It consists mainly of mammals, birds, arthropods, bird eggs, reptiles, fruit and carrion. The main prey items seem to be small mammals, especially rodents. Fruits eaten include Cryptocarya alba, Lithraea caustica and Prosopanche spp

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Систематизация южноамериканских лисиц не совсем ясна. В особенности недавнее исследование предположило, что южноамериканская лисица (P. griseus) и парагвайская лисица (P. gymnocercus) не два вида, а один, представляющий вариации; если это утверждение верно, то, возможно, следует считать его как один вид — Lycalopex gymnocercus.