I just went through the process of obtaining a tourist visa for Brazil here in Asuncion, and I thought I would share it so that it will be easier for anyone else.
The Brazilian Consulate is in Av Mariscal Estigarribia, near General Aquino, about 3 blocks east of Av Peru. It is almost diagonally opposite the park on the corner. It is open from 8am to 1.30pm.
What you need:
* Passport with more than 6 months validity. A Paraguayan Residency Cedula will not work.
* Bank statement with 3 months worth of transactions. (I use internet banking and printed out a 90 day statement, which they accepted).
* A 5cm x 7cm photo. A normal passport sized one will not work. Any photo place in Asuncion will know about this and will do it for you.
* A ticket to Brazil. I had only my return ticket from BsAs to Sydney, and this did not work. As I was going by bus into the Brazilian Pantanal, I had to go to the Terminal and buy a bus ticket to Pedro Juan Caballero (on the border), return to the consulate with it and fill out a declaration that I was going to Pedro Juan for the purpose of entering Brazil to purchase another bus ticket further inland.
At the Consulate:
* Fill out the online application form on the single computer there, print out the covering sheet, and then present all the paperwork.
* When they are happy they will then give you a deposit slip for the Bank of Brasil and a map on how to get there. You go to the bank, deposit 210,000GS, then return to the consulate (again) with the receipt and your passport.
* They will give you a blue receipt with a date to return (3 working days) and pick up your passport and visa.
It took me 5 trips in all. If you follow this guide and prepare properly you should cut down to 3 (the minimum).
Have fun