Paraguay(Country, River & Settlement)Spanish, English, French, Italian, German, Dutch, Swedish, Norwegian, Danish, Finnish, Estonian, Hungarian, Czech, Guarani The name of a landlocked country in South America. It is derived from a river of the same name, of uncertain meaning. It possibly means "water from the sea" in Guaraní, from para "sea", gua "from" and y "water". In Guaraní Paraguái is the name of the country and the river, with Paraguay the name of the capital city Asunción.