The Humboldt Current (or Peru Current) is a cold ocean current that flows northward off the west coast of South America. It becomes a major part of the westward South Equatorial Current. This current originates in the Southern Ocean near the Antarctic, and is thus about 7-8 C° cooler than the ocean at similar latitudes. The cold water cools down the air, creating the coastal deserts of Chile (the Atacama) and Peru. However, the Humbolt Current brings nutrient-rich seawater into the region, forming the basis for a rich fishing industry off Peru.

During an El Niño, the Humboldt Current is replaced by warm, low nutrient water, causing a rapid decline in the normally large fish populations and a subsequent decline in seabird populations, as well as rainfall in the normally dry coastal areas and droughts in the normally wet mountain areas further inland. It has been postulated that a strong El Niño led to the demise of the Moche and other pre-Columbian Peruvian cultures.

It is named after the German scientist Alexander von Humboldt.