Having exorcised the threat of authoritarianism and institutional instability thanks to a successful process of democratic consolidation, Latin America has turned its attention to the nature, workings, and delivery of existing democratic regimes. A new body of literature has emerged that focuses on existing democratic deficits and eventual roads to overcome them. The essay reviews those debates, focusing on three distinctive approaches to democracy: (a) a liberal one that seeks to strengthen the institutional structure of representative democracy, (b) a populist one that calls to overcome the limitations of representative government through presidential leadership, and (c) a leftist reformist road that seeks to promote democratic deepening through the introduction of mechanisms of participatory governance. The aim of this essay is to review the main tenants of each perspective and the different ways in which they conceptualize the notion of democratic accountability.