Eastern and south-eastern Brazil (Alagoas; central Mato Grosso and southern Bahia south to Santa Catarina), adjacent eastern Paraguay and north-eastern Argentina (Misiones).
 
Population
Estimated population is unknown (2010).
Chestnut-bellied Euphonia (Euphonia pectoralis) [XC556308]
by Caio Brito from Fazenda Folha Seca - Jonas, Brazil (canto)
Chestnut-bellied Euphonia (Euphonia pectoralis) [XC512930]
by Caio Brito from Esta\u00e7\u00e3o Ecol\u00f3gica de Murici, Murici, Alagoas, Brazil (call, song)
Subspecies
Recent molecular-genetic analysis indicates that genus belongs in family Fringillidae. May form a superspecies with Rufous-bellied Euphonia (Euphonia rufiventris) and Golden-sided Euphonia (Euphonia cayennensis). Described taxon Euphonia vittata believed to have been a hybrid between present species and Orange-bellied Euphonia (Euphonia xanthogaster).