Background. Obesity is one of the most important public health problems for university students. The objective of the study was to evaluate the association between body mass index (BMI) and body fat percentage (%BF) with waist circumference (WC) as a cardiometabolic risk factor (CMR) among university students. Methods. A cross-sectional study was carried out in 2,048 students from a private university located in Lima, Peru. Anthropometric data (weight, height, %BF, and WC) were collected. Chi-square test was used. Association analysis was performed using multiple logistic regression. Results. The findings indicated that 36.9% and 61.1% of men were overweight and had higher %BF, respectively, compared to women. Women (OR, 0.22; 95% CI, 0.17, 0.29), Peruvian students (OR, 0.59; 95% CI, 0.39, 0.90), and students enrolled in the faculty of health sciences (OR = 0.76; 95% CI, 0.62, 0.94) are less likely to manifest CMR. Also, excess body weight (OR, 17.28; 95% CI, 13.21, 22.59) and a high %BF (OR, 4.55; 95% CI, 3.55, 5.84) were strongly associated with CMR. Conclusion. CMRs are a public health problem among university students. Therefore, it is important to carry out healthy lifestyle programs to promote better control and prevention, particularly among male students and those who have excess weight and body fat.