Australia coach Van Marwijk admits the struggle to score goals - they registered only two Mile Jedinak penalties in Russian Federation - was their downfall.
Australia were already two goals down, and heading for the exit, by the time Cahill was introduced.
The talismanic Guerrero, 34, made his mark on the game's biggest stage with his 36th global goal early in the second half, extending his record as the country's all-time leading scorer.
The Socceroos' Dutch coach Bert van Marwijk is hopeful that France can do his side a favour on Tuesday.
The Millwall attacker is at his fourth World Cup with the Socceroos and has a knack of scoring late winners.
And Van Marwijk, who will stand down as Australia boss after their elimination from Group C, acknowledged that his side lacked the ability to convert chances into goal.
Not even an early second half injection of talisman Tim Cahill could spark the Socceroos, their 38-year-old striker denied a goal in his World Cup swansong when he fired a volley straight into a Peru defender.
Arzani didn't get to show his best in a 30-minute outing on Tuesday and was time and again frustrated by the Peru defence, but this team defending a two-goal cushion could keep out some of the best in the world.
"We became better and better, but at the World Cup you can see for this team it is hard to make goals at this level, because against France we were at least equal and against Denmark even better".
They go home without a win, joining Peru in being eliminated in Group C. However, for the South Americans there was only elation at ending their long wait for a victory in the competition.
They made up the majority of the 44,073 crowd in sauna-like conditions by Russia´s Black Sea coast, and the stadium exploded when Carrillo scored their first goal at a World Cup since 1982.
It was telling that Gareca's warriors impressed most in their last outing, when all pressure was off and the stakes at their lowest.
Australia is only the second team in World Cup history to score three consecutive goals from the penalty spot.
Tournaments like this aren't decided on one match but more so a collection of moments.
And doing so may in turn help out Australia in Sochi.
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