Suarez scored in the 12th minute while Forlan hit the target in the 42nd and final minute of the match.
The victory gives Uruguay its first Copa America title since 1995. The small country of 3.5 million also reached the World Cup semifinals a year ago, surpassing the performance of continental powers Brazil and Argentina.
Argentina and Brazil were upset again in the quarterfinals of this tournament. Uruguay ousted Argentina on penalties and Paraguay eliminated Brazil, also in a shootout.
Argentina has won the title 14 times, Brazil eight. Brazil had won four of the past five titles.