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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 WjBkNXeX/e9jwCTsanyOEHNBdTmjsvJJy3l9RIFCvNIZ4CCapRV3FIUk6xCRDlBk
 zYKYXbv3IL7Xet02S8tQtQ==

<SEC-DOCUMENT>0001181431-08-034436.txt : 20080527
<SEC-HEADER>0001181431-08-034436.hdr.sgml : 20080526
<ACCEPTANCE-DATETIME>20080527060816
ACCESSION NUMBER:		0001181431-08-034436
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080521
FILED AS OF DATE:		20080527
DATE AS OF CHANGE:		20080527

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERCADOLIBRE INC
		CENTRAL INDEX KEY:			0001099590
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		4890 SUBSUELO 1430 BUENOS AIRES
		CITY:			BUENOS AIRES ARGENTINA
		STATE:			C1
		ZIP:			00000
		BUSINESS PHONE:		000-000-0000

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Osvaldo Gimenez
		CENTRAL INDEX KEY:			0001430953

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33647
		FILM NUMBER:		08859377

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		011-54-5352-8000

	MAIL ADDRESS:	
		STREET 1:		TRONADOR 4890, 8TH FLOOR
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1430DNN
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd208401.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-05-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001099590</issuerCik>
        <issuerName>MERCADOLIBRE INC</issuerName>
        <issuerTradingSymbol>MELI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001430953</rptOwnerCik>
            <rptOwnerName>Osvaldo Gimenez</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>TRONADOR 4890</rptOwnerStreet1>
            <rptOwnerStreet2>8TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BUENOS AIRES</rptOwnerCity>
            <rptOwnerState>C1</rptOwnerState>
            <rptOwnerZipCode>430DNN</rptOwnerZipCode>
            <rptOwnerStateDescription>ARGENTINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior V P - Payments</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-05-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>52.53</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>24000</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-05-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>50.38</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19000</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>20687</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Trust</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents the weighted-average sale price per share of a series of transactions, all of which were executed on May 21, 2008. The actual sale prices ranged from a low of  $52.13 to a high of $53.14.</footnote>
        <footnote id="F2">Represents the weighted-average sale price per share of a series of transactions, all of which were executed on May 22, 2008. The actual sale prices ranged from a low of $50.15 to a high of $50.72.</footnote>
        <footnote id="F3">Excludes 10,313 shares underlying options to purchase common stock, of which 9,375 are vested and the remaining 938 shares will vest on July 1, 2008.</footnote>
        <footnote id="F4">Shares held by the Osvaldo Gimenez  Family Trust, of which Osvaldo Gimenez  is the sole beneficiary.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Trevor K. Ross (attorney-in-fact)</signatureName>
        <signatureDate>2008-05-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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