One person died and 20 people have been injured after the seismic movement which had an epicenter in Lomas.
Houses in the Arequipa region have been destroyed and electricity is out.
In the town of Yauca, Justo Palomino Yucra, 55, was crushed to death.
Provincial mayor of Caravelí, Santiago Neyra confirmed the death following the earthquake.
The Pacific Tsunami Warning Centre said tsunami waves are possible within 300 km of the epicenter along the coast of Peru.
National Weather Service officials also claimed there is a tsunami risk, around 186 miles from the centre.
Peru is located in the Ring of Fire, an area in the Pacific Ocean prone to earthquakes and volcanic eruptions.
The Pacific Tsunami Warning Center said: “Hazardous tsunami waves are forecast for some coasts.”
The statement claimed waves reaching 0.3 meters to one meter “above the tide level are possible for some coasts of Peru.”
It also said waves are forecast to be less than 0.3 meters for the coasts of Chile.
The Pan-American Highway is restricted.
A powerful earthquake lasting more than a minute rocked southern Peru and Chile on Saturday killing at least 12 people and collapsing dozens of homes, the Peru's Geophysical Institute said.
At least three people were injured in northern Chile. The quake was also felt in Bolivia.
Images broadcast by Canal N from the Peruvian city of Arequipa showed parts of a historic building crumbled in the central square, and said two people had died. Arequipa is 750 kilometers (465 miles) southeast of Lima, the capital.
Peru's Civil Defense Chief Juan Luis Podesta told radio Radioprogramas that no deaths had been confirmed but that dozens of adobe homes in Arequipa and the southern city of Tacna, near the border with Chile, were destroyed.
He said in one neighborhood of Arequipa, alone, 47 houses had fallen.
Radio reports said firefighters in Arequipa were attending to "emergencies" and that the main hospital there was attending to "minor injuries."
At least five aftershocks were reported.
In Chile the most affected city was Arica, 2,000 kilometers (1,250 miles) north of Santiago, the capital.
The Emergency Office spokeswoman, Carmen Fernandez, said some houses sustained some damage there, and electricity and telephone services were interrupted.
Arica Major Carlos Valcarce said three people were injured, including a woman who suffered a broken leg when part of collapsing wall fell onto her.
Regional governor Sonia Castillo said "there are no indications" that a tsunami may occur after the earthquake.
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