The 1954 Guatemalan coup d'état, code-named Operation PBSuccess, was a covert operation carried out by the U.S. Central Intelligence Agency (CIA) that deposed the democratically elected Guatemalan President Jacobo Árbenz and ended the Guatemalan Revolution of 1944–1954. It installed the military dictatorship of Carlos Castillo Armas, the first in a series of U.S.-backed authoritarian rulers in Guatemala.

The Guatemalan Revolution began in 1944, after a popular uprising toppled the military dictatorship of Jorge Ubico. Juan José Arévalo was elected president in Guatemala's first democratic election. He introduced a minimum wage and near-universal suffrage, and turned Guatemala into a democracy. Arévalo was succeeded in 1951 by Árbenz, who instituted land reforms which granted property to landless peasants.

The Guatemalan Revolution was disliked by the United States federal government, which was predisposed during the Cold War to see it as communist. This perception grew after Árbenz had been elected and formally legalized the communist Guatemalan Party of Labour. The United Fruit Company (UFC), whose highly profitable business had been affected by the end to exploitative labor practices in Guatemala, engaged in an influential lobbying campaign to persuade the U.S. to overthrow the Guatemalan government. U.S. President Harry Truman authorized Operation PBFortune to topple Árbenz in 1952; although the operation was quickly aborted it was a precursor to PBSuccess.

Dwight D. Eisenhower was elected U.S. president in 1952, promising to take a harder line against communism; the links that his staff members John Foster Dulles and Allen Dulles had to the UFC also predisposed them to act against the Guatemalan government. Additionally, the U.S. federal government drew exaggerated conclusions about the extent of communist influence among Árbenz's advisers.

Eisenhower authorized the CIA to carry out Operation PBSuccess in August 1953. The CIA armed, funded, and trained a force of 480 men led by Carlos Castillo Armas. The coup was preceded by U.S. efforts to criticize and isolate Guatemala internationally. Castillo Armas' force invaded Guatemala on 18 June 1954, backed by a heavy campaign of psychological warfare. This included a radio station which broadcast anti-government propaganda and a version of military events favorable to the rebellion, claiming to be genuine news, as well as air bombings of Guatemala City and a naval blockade. The invasion force fared poorly militarily, and most of its offensives were defeated. However, psychological warfare and the fear of a U.S. invasion intimidated the Guatemalan army, which eventually refused to fight. Árbenz briefly and unsuccessfully attempted to arm civilians to resist the invasion, before resigning on 27 June. Castillo Armas became president ten days later, following negotiations in San Salvador.

Described as the definitive deathblow to democracy in Guatemala, the coup was widely criticized internationally, and strengthened the long-lasting anti-U.S. sentiment in Latin America. Attempting to justify the coup, the CIA launched Operation PBHistory, which sought evidence of Soviet influence in Guatemala among documents from the Árbenz era; the effort was a failure. Castillo Armas quickly assumed dictatorial powers, banning opposition parties, imprisoning and torturing political opponents, and reversing the social reforms of the revolution. Nearly four decades of civil war followed, as leftist guerrillas fought the series of U.S.-backed authoritarian regimes whose brutalities include a genocide of the Maya peoples.