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Punta Arenas (Spanish pronunciation: [ˈpunta aˈɾenas], historically known as Sandy Point in English) is the capital city of Chile's southernmost region, Magallanes and Antarctica Chilena. Although officially renamed as Magallanes in 1927, the name was changed back to Punta Arenas in 1938. The city is the largest south of the 46th parallel south and the most populous southernmost city in Chile and the Americas. Due to its location, it is also the coldest coastal city with more than 100,000 inhabitants in Latin America. Punta Arenas is one of the world's most southerly ports and serves as an Antarctic gateway city.

Since 1977, Punta Arenas has been one of only two free ports in Chile, the other being Iquique in the country's far north.Located on the Brunswick Peninsula north of the Strait of Magellan, Punta Arenas was originally established by the Chilean government in 1848 as a small penal colony to assert sovereignty over the Strait. During the remainder of the 1800s, Punta Arenas grew in size and importance due to the increasing maritime traffic and trade travelling to the west coasts of South and North America. This city's growth was also due to waves of European immigrants, mainly from Croatia and Russia, attracted by a gold rush and sheep farming boom in the 1880s and early 1900s. The largest sheep company, which controlled 10,000 square kilometres in Chile and Argentina, was based in Punta Arenas, and its owners lived there.

Since its founding, Chile has used Punta Arenas as a base to defend its sovereignty claims in the southernmost part of South America. This led to the Strait of Magellan being recognized as Chilean territory in the Boundary treaty of 1881 between Chile and Argentina. Punta Arenas' geopolitical importance has remained high in the 20th and 21st centuries due to its logistic significance in accessing the Antarctic Peninsula.

Since 2017, the city and its region have been on their own time zone, using summer time throughout the year (UTC−3). The city is supplied with water from the San Juan River.