Chile, an OECD country in the southern hemisphere, surprised the world with a high speed COVID-19 vaccination rate at the beginning of 2021. Despite this, cases reached a record high again in April 2021, and the country went back to a state of emergency. The reasons for this are multiple, complex, and interconnected. A feeling of false safety with the beginning of vaccination, the appearance of new more transmissible variants, too early relaxation of non-pharmacological measures at a point of vaccination below herd immunity, and vaccination in a high prevalence setting, appear to be main reasons for the resurgence. However, the political context and the socio-economic inequalities in Chile also play an important role, and are more difficult to measure and to compare with other countries. In conclusion, the Chilean example is a warning sign not to count on vaccination figures alone, and to maintain some of the previous non-pharmaceutical strategies to contain the pandemic.