This is my personal top 10 (includes movies from Portugal and Spain, technically not latin american movies but whatever) 01. 'All about my mother' 02. 'Tesis' 03. 'Abraham's valley' 04. 'Motorcycle diaries' 05. 'No one writes to the colonel' 06. 'The official story' 07. 'City of God' 08. 'Japón' 09. 'Gloria' 10. 'The milk of sorrow' (although 'Madeinusa' is way funnier and smarter)
My Spanish 1 teacher showed us a movie called Casi Casi which is about a group of school kids and their harebrained shenanigans. It was really cute and gave a bit of a lesson about dating-- "Don't neglect to look in the friendzone!" Casi casi (2006) - IMDb
Pan's Labyrinth (somehow it's a Mexican movie) and Y Tu Mama Tambien, even though, like Scarface, its plagued by fake Mexicans. It's technically not Latin American but Blood in Blood out was awesome.