The latest fallout was sparked by allegations that Colombian rebel fighters, the FARC, have camps in Venezuela, a claim Hugo Chavez, the Venezualan president, denies.
But now Chavez and Juan Manuel Santos, Colombia's new leader, appear to be rebuilding relations.
On Tuesday, they met in the Colombian town of Santa Marta and agreed to restore diplomatic relations and vowed to step up security along their borders.
But will it last? How fragile is the peace? And how does the US view this rapproachment?
Inside Story, with presenter Nick Clark, discusses with Jill Hedges, the senior editor for Latin America of Oxford Analytica, Roberto Navarrete, the editor of www.alborada.net, and Juan Carlos Hidalgo, the project coordinator for Latin America at the CATO Institute.
This episode of Inside Story can be seen on Wednesday, August 11, at 1730GMT, with repeats at 2230GMT, and the next day at 0430GMT and 1030GMT.
Source: Al Jazeera