Yes. In 1954, the CIA executed Operation PBSuccess, a covert action authorized by the Eisenhower administration that overthrew the democratically elected government of President Jacobo Árbenz Guzmán.
Árbenz's land reform (Decree 900) expropriated unused United Fruit Company holdings. The U.S. framed this as communist alignment—a Cold War threat in its "backyard."
A military junta installed Carlos Castillo Armas as dictator. Decades of civil war, repression, and U.S.-backed militarism followed.
Declassified documents (e.g., CIA's Family Jewels, 1997) confirm U.S. orchestration. The 1954 coup is a textbook case of Cold War interventionism in Latin America.