The cheapest Madrid to Lima return flight on the radar right now is €520, flying with Avianca via one or more connections. It covers departures in January 2027, and every dated link below opens that exact MAD–LIM search on Skyscanner. At 26% under the €700 we normally record here, it is one of the strongest MAD–LIM fares in our index. Across 132 recorded checks it has ranged between €470 and €1,322. Our sampling points to January 2027 as the cheapest month to fly Madrid to Lima.
Prices are re-checked against Skyscanner automatically, and every one shows when it was last confirmed, so nothing here is older than it looks. Not flying from Madrid? We track 61 other departure cities for Lima, listed at the foot of this page.
Prices like this tend to vanish fast. If it has gone when you look, try the days either side of the dates above, since Madrid to Lima is often still worth booking within a day or two of the fare we found.