My favorite Peruvian film is La ciudad y los perros, based on Mario Vargas Llosa‘s novel based on his experience in a military school. Netflix has it too.
I say favorite rather than best advisedly, as City and the Dogs may be the only film from Peru I’ve seen. However, it is fantastic. Jaguar and Gamboa are unforgettable and it is at once a political and apolitical and amoral film (if that sounds appealing you must see Ashes and Embers, which also has an incredible soundtrack, perhaps in the vein of Sun Ra’s most avant garde work).