Balsam of Peru or Peru balsam, also known and marketed by many other names, is a balsam derived from a tree known as Myroxylon balsamum var. pereirae; it is found in El Salvador, where it is an endemic species.

Balsam of Peru is used in food and drink for flavoring, in perfumes and toiletries for fragrance, and in medicine and pharmaceutical items for healing properties. It has a sweet scent. In some instances, balsam of Peru is listed on the ingredient label of a product by one of its various names, but it may not be required to be listed by its name by mandatory labeling conventions.

It can cause allergic reactions, with numerous large surveys identifying it as being in the "top five" allergens most commonly causing patch test reactions. It may cause inflammation, redness, swelling, soreness, itching, and blisters, including allergic contact dermatitis, stomatitis (inflammation and soreness of the mouth or tongue), cheilitis (inflammation, rash, or painful erosion of the lips, oropharyngeal mucosa, or angles of the mouth), pruritus, hand eczema, generalized or resistant plantar dermatitis, rhinitis, and conjunctivitis.