Peralta took advantage of a mistake by the Brazilian defence in the game’s opening minute and slotted a low right-foot shot just inside the near post. It was the fastest Olympic goal in at least 36 years, since FIFA began keeping record of the competition.
The striker added the second with a firm header from a free kick in the 75th.
Hulk scored for Brazil in injury time, but Oscar missed a header in the final seconds to waste the last chance for a comeback.
More: Elated Mexicans celebrate win over Brazil
Brazil was also trying to win its first gold, which is the only significant trophy the five-time world champions haven’t won in football. The Brazilians established the London Games as the team’s priority this year and arrived as the heavy favourite after bringing most of its top players for the competition.
As Mexican players jumped up and down at midfield in celebration, the Brazilians dropped to the ground in despair. Neymar, touted as the future of Brazilian football, was one of them, sitting stoned-faced. Real Madrid left back Marcelo dropped his head and cried as his teammates came to try to console him.
The Mexicans started celebrating early in front of a crowd of 86,162 at Wembley.
Peralta’s goal came after Manchester United right back Rafael tried to make a pass backward. Mexican midfielder Javier Aquino intercepted the ball, sending it forward to Peralta just outside the area. With no defenders near him, he calmly fired his shot into the left corner.
Peralta’s second goal came on a firm header from near the penalty spot after a free kick cross by Marco Fabian. Peralta broke away from Hulk and ran unmarked in a semicircle behind other Brazilian defenders to power in a header from near the penalty spot. Brazil coach Mano Menezes heavily complained of the foul call that led to the second goal by the Mexicans.
Mexico could have added a second goal after another mistake by the Brazilian defenders in the 64th. Captain Thiago Silva lost the ball in front of the goal and Marco Fabian sent an overhead kick onto the crossbar with the goalkeeper beaten.
The Mexicans also had a goal by Peralta disallowed for offside in the 69th, and Fabian missed the open net with his header from a corner in the 72nd.
Brazil appeared shaken by the early goal and struggled to create scoring opportunities to try to equalize the match. Neymar started playing better in the second half and helped Brazil push forward, but struggled to get his efforts on target.
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Elated Mexicans celebrate football win over Brazil
Jubilant Mexicans are celebrating their 2-1 Olympic gold medal soccer win over Brazil Saturday, waving flags and chanting in plazas and streets across the country.
Crowds began gathering not long after the Mexican team scored its first goal in the first minute of play.
A supporter celebrates the second goal of Mexico as they face Brazil during their men's soccer final gold medal match during the London 2012 Olympic Games at Revolucion monument, in Mexico City. REUTERS/Edgard Garrido
Fans in Mexico City, Guadalajara and other cities exploded in celebration as soon as the game ended, marking Mexico's first ever Olympic soccer gold medal. Some fans waving the country's red, white and green flag even took a victory lap around the capital's landmark Angel of Independence statue. Crowds are continuing to gather at the statue to celebrate.
Mexicans watch on a screen set up on a street at Revolucion monument in Mexico City. REUTERS/Edgard Garrido
Law student Arturo Castellanos watched the game from Mexico City's chic Condesa neighborhood, where he noted Mexico had marked another key win against Brazil in recent months.
It was the team's first Olympic final in men's football since the 1988 Seoul Games, when youngsters Romario and Bebeto ended with the silver. Brazil also lost the final four years earlier at the Los Angeles Games.
Mexicans celebrate the victory of Mexico at Revolucion monument, in Mexico City. REUTERS/Edgard Garrido
Meanwhile Brazil fans watched in anguish as their team lost to the Mexicans. Brazil knew that anything but the gold was going to be considered a huge failure. The expectations back home were high and the Olympics were seen as an important test because the majority of the players in London will also likely be in the team trying to lead Brazil to the 2014 World Cup title at home.
Brazilian football fans react as they watch on TV the London 2012 Olympic Games men's football final match between Brazil and Mexico in Sao Paulo, Brazil. Yasuyoshi CHIBAYASUYOSHI CHIBA/AFP/GettyImages
A supporter celebrates the second goal of Mexico as they face Brazil during their men's soccer final gold medal match during the London 2012 Olympic Games at Revolucion monument, in Mexico City. REUTERS/Edgard Garrido
Fans in Mexico City, Guadalajara and other cities exploded in celebration as soon as the game ended, marking Mexico's first ever Olympic soccer gold medal. Some fans waving the country's red, white and green flag even took a victory lap around the capital's landmark Angel of Independence statue. Crowds are continuing to gather at the statue to celebrate.
Mexicans watch on a screen set up on a street at Revolucion monument in Mexico City. REUTERS/Edgard Garrido
Law student Arturo Castellanos watched the game from Mexico City's chic Condesa neighborhood, where he noted Mexico had marked another key win against Brazil in recent months.
It was the team's first Olympic final in men's football since the 1988 Seoul Games, when youngsters Romario and Bebeto ended with the silver. Brazil also lost the final four years earlier at the Los Angeles Games.
Mexicans celebrate the victory of Mexico at Revolucion monument, in Mexico City. REUTERS/Edgard Garrido
Meanwhile Brazil fans watched in anguish as their team lost to the Mexicans. Brazil knew that anything but the gold was going to be considered a huge failure. The expectations back home were high and the Olympics were seen as an important test because the majority of the players in London will also likely be in the team trying to lead Brazil to the 2014 World Cup title at home.
Brazilian football fans react as they watch on TV the London 2012 Olympic Games men's football final match between Brazil and Mexico in Sao Paulo, Brazil. Yasuyoshi CHIBAYASUYOSHI CHIBA/AFP/GettyImages
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