He was the President of the
Real Audiencia of Chile and then temporary
Royal Governor of Chile from May 1662 to February 1664. During his government, he founded the city of
Santa Maria de Guadalupe near the fortress of
San Miguel Arcángel de Colcura, built previously by
Pedro Porter Casanate south east of the modern city of
Lota in the valley of
At the end of his governorship the new governor
Francisco de Meneses Brito accused Peredo of creating more places for officials than the royal army needed and of selling the positions. He ordered his arrest, but Peredo managed to escape from Chile. Meneses also attacked the friends of Peredo, among them the
Oidor Alonso de Solórzano y Velasco who opposed the measures of the new Governor. In reply Meneses demoted him from his position and exiled him.
Peredo became governor of
Tucumán Province between 1670 and 1674. In 1673, he sent a large punitive expedition against the
Mocoví and other tribes of the
Gran Chaco, who had been raiding the province.