The performance followed similar shows by Madonna in 2024 and Lady Gaga last year - also attended by huge crowds that danced on the sprawling sands.
For Shakira, it was part of her Las Mujeres Ya No Lloran, or Women No Longer Cry, world tour, named after her 2024 album.
Shakira's set kicked off around 11pm on Saturday, as fans screamed with excitement amid frantic applause as skywriting drones flew overhead, spelling out in the sky, "I love you Brazil" in Portuguese.
The megastar spoke fondly about the first time she came to Brazil, some three decades ago.
"I arrived here when I was 18 years old, dreaming about singing for you," Shakira told the crowd shortly after coming on stage.
"And now look at this. Life is magical."
The much-loved pop star sang fan favourites such as Hips Don't Lie, La Tortura and La Bicicleta.
She ended with BZRP Music Sessions #53/66, which followed her separation from Spanish soccer player Gerard Piqué.
She also took the time to celebrate women's resilience during the show.
"Us women, every time we fall we get up a little wiser," she said.
Rio Mayor Eduardo Cavaliere said on X that two million people attended the performance.
"The She-Wolf made history in Rio," he posted, referring to Shakira's 2009 hit.
By Saturday morning, crowds had started piling onto the beach to nab a good spot for the show.
Street vendors sold sweetcorn and other Brazilian snacks, bottled water and caipirinhas, the popular Brazilian cocktail - but also toilet paper, deodorant and even bags of sand for concert goers to stand on to get a better view of the stage set up opposite Copacabana Palace, a historic luxury hotel.
The free concerts are part of City Hall's attempt to boost economic activity after Carnival and New Years' Eve festivities and before the month-long Saint John's Day celebrations in June.
Shakira's performance could generate around 777 million reais (around $A215 million), according to a study by City Hall and Riotur, the municipality's tourism company, thanks to the influx of tourists and cash spent in restaurants, hotels and shops.
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