Phil is right; there have been many questions on this term in the past. It's also true that different approaches have been recommended. So I feel it's always worth re-emphasising what I believe to be the correct approach.

It is a common misconception that your job as a translator is to find the equivalent degree in the US or any other country. It is not. You're not qualified to do so. That is the job of evaluators. Your job is simply to translate the term. A licenciatura is a licenciatura; it is not a bachelor's degree. If this person wants to have his/her qualification recognised, those with the skills to do so will decide on the equivalence. And of course the best way to ensure that you do not short-change this person by choosing the wrong equivalence is not to go down that path at all. I repeat, it is not your responsibility and you are not qualified to do so.

There does not seem to be any fundamental difference between the licenciatura in Paraguay and in other Latin American countries, such as Argentina for example. The number of years of study varies according to the subject (usually four to six years), as it does in other countries.

A licenciatura in English is called a licentiate degree. Anyone responsible for degree equivalents in US higher education institutions knows what it is. What you should do, in my opinion, is to put the Spanish term and then add this English translation in parentheses. And leave it at that.

https://en.wikipedia.org/wiki/Licentiate

I recommend reading Yolanda Broad's reference entry here:
http://www.proz.com/kudoz/french_to_english/education_pedago...