Brazil captain Neymar was in tears after he delivered the country's first Olympic men's soccer gold medal with the winning penalty in a 5-4 shootout victory over Germany in a thrilling final at the Maracana stadium on Saturday (August 20).

The match had finished 1-1 after extra-time, with Neymar having put Brazil ahead with a superb free kick in the 27th minute before Germany skipper Maximilian Meyer equalised with a fine strike just before the hour to force the extra period.

There were no goals in extra time so the game went to a shootout with Germany's Nils Petersen the first to miss with their fifth spot kick. Neymar then stepped up to coolly fire home the title winner and send the capacity crowd wild.

Brazil had lost the Olympic final three times in 1984, 1988 and 2012 but have now won the only international title to elude them by beating a country who had humiliated them 7-1 in the World Cup semi-finals on home soil in 2014.

A unified Germany are now the only World Cup winners never to have won the Olympic gold medal.

Neymar said after the emotional encounter that he was proud to have made history for his country.

"I am feeling so much pride, I am so happy. I am proud of becoming an Olympic medallist and to make history in my country. I take this medal in honour of my family and friends and of course, the team," said the Barcelona forward.

American Matthew Centrowitz pulled of a shock victory in the 1,500m final on Saturday, stunning pre-race favourite Asbel Kiprop of Kenya to secure his country's first gold medal in the event since 1908.

In the run-up to the Games few expected the 26-year-old to challenge for a medal as all the focus was on Kenya's former Olympic champion Kiprop, who had won the last three world titles.

But after a pedestrian race that was won in a time 24 seconds outside world record pace, Centrowitz held off defending champion Taoufik Makhloufi of Algeria to cross the line in 3:50:00.

Centrowitz, whose father Matthew Centrowitz Sr. was himself a two-time Olympian, paid homage to his father, who he symbolised with a tattoo across his chest reading 'Like father like son'

"He kept me hungry throughout the years and you know I just felt the tattoo is fitting. Both two-time Olympians, both went to the University of Oregan, both were milers so it just seemed right," said Centrowitz Jr. after his victory.

Centrowitz, who won a world championship bronze in 2011 and silver in 2013, ran the final lap in 50.62 seconds to take gold in a field stacked with African talent.

Second-placed Makhloufi, who also won silver in the 800m, became the second man after British great Sebastian Coe to finish on the podium for the men's 800m and 1,500m in the same Games. Coe won 1,500m and clinched silver over 800m in 1984.

Nick Willis, who took silver at the London Games, overcame several injury-plagued seasons to snatch a bronze medal in his fourth Olympic games.

Kiprop, who has run the fastest time of the year, faded in the final lap to finish sixth.

Olympic athletics men's 1500m final result:

1. Matthew Centrowitz (U.S.) 3 minutes 50.00 seconds

2. Taoufik Makhloufi (Algeria) 3:50.11

3. Nicholas Willis (New Zealand) 3:50.24

4. Ayanleh Souleiman (Djibouti) 3:50.29

5. Abdalaati Iguider (Morocco) 3:50.58

6. Asbel Kiprop (Kenya) 3:50.87