Perudo is a descendent of the ancient South American game 'Dudo', more commonly known today as Liar's Dice. Played by two or more people, it is quick to play—the faster the more fun!

In Perudo, players take it in turns to bid on how many dice of a certain number are under everyone's cups. They are eliminated when their bids are successfully challenged (or dudo'd) and they have no dice left. The last person standing wins.

In 1532, Pizarro and his conquistadors defeated and held captive the Sapa Inca Atahualpa. Peru fell into the hands of the foreign invaders, and the glories of the Inca Empire came to an end. It has been widely rumoured that during his imprisonment, Atahualpa introduced Pizarro to the 'dudo' dice game. Today the ancient dice game is played in Spain and throughout South America.

350 years later, in 1982, Alfredo Fernandini and Cosmo Fry were invited to join a session of 'dudo' in the Lima Golf Club during a rare rain break. Here the idea for Perudo was born. Peru was at that time in the grip of the Sendaro Luminoso, an outgrowth of the pre-existing communist party of Peru. When peace was restored six years later, Fernandini and Fry returned to Peru intent on researching the history of the dice game 'dudo' and identifying local leather artisans who were skilled in the intricate craftsmanship. Although the game existed in private houses, bars and cafes throughout the country, the components were all hand-me-down heirlooms and not available in the market place.

Fernandini and Fry tracked down some artisans to downtown Lima and thought up the idea of a travel bag and lid to contain the cups and dice. The woollen drawstring bag they designed is lined and fabricated from cloth sourced from the north of Peru. The adapted rules they came up with were a hybrid of various versions of the game played in Peru plus one or two subtle variations - the result a new and original version of 'dudo' that Fry and Fernandini chose to call Perudo (after 'Peru' and 'dudo').

The 'Classic Set' of today was first sold in the UK in 1989 at INCA, a South American craft shop in London’s Belgravia for £45. On the first day of trading, 210 sets were sold and the die was cast! The following year a 'Deluxe Set' was introduced.

In 1992, pandering to market demand for a high-street set, a standard plastic 'Perudo in a Tin Set' was introduced and sold through WH Smith, Virgin, Hamleys, John Lewis and Harrods. In 1995, Fernandini and Fry negotiated a license with University Games in the US and Hasbro elsewhere in the world. Perudo was on its way to becoming a global phenomenon. Since 2002 it has been sold under license by Paul Lamond Games in the UK and Asmodee elsewhere.

In 2009, Fernandini and Fry decided to withdraw all their leather sets from the market and sell the game themselves online, direct to the customer. In 2017, a mini 'Travel Set' was introduced.