In early 1992, Venezuela was undergoing significant economic and social turmoil, which was exacerbated by the policies of President Carlos Andrés Pérez, whose administration faced widespread allegations of corruption and ineffectiveness. The discontent among the Venezuelan populace provided an opportune environment for military discontent to brew. Capitalizing on this unrest, Hugo Chávez, a lieutenant colonel in the Venezuelan Army, spearheaded a coup d'état on February 4, 1992, with a group of like-minded military officers. Their plan targeted key governmental institutions and aimed to seize power in response to the growing discontent surrounding Pérez's leadership.

The coup involved a series of military actions in various regions, predominantly taking place in Caracas, where clashes occurred between Chávez’s forces and government loyalists. Despite the initial advances and hopes of swiftly toppling Pérez, the coup was thwarted within a few hours. Pérez remained in office, but Chávez used the failed coup to elevate his status as a political figure. He was eventually arrested but managed to convey a message of hope to Venezuelans disillusioned with the political system.

Chávez's charisma and rhetoric during his trial and subsequent incarceration helped in fostering a cult of personality, which later paved the way for his eventual electoral success in 1998. The coup attempt marked a significant turning point in Venezuelan politics, highlighting the fractures within the military and society at large, ultimately leading to the rise of a new populist movement in the country.