This paper will shed light on twice Chilean Presidente Carlos Ibáñez's life from the moment he left for exile after his first administration (1927-1931), until his return in 1937. With the notable exceptions, scholars have focused little attention on the period and Ibáñez himself. This research reconstructs Ibáñez's tortuous life during this period using mainly his personal archive and memoirs of politicians of the time, providing an unexpected understanding of Ibáñez himself and this period of Chilean history. What emerged from both Ibáñez's personal letters and those of others is that, even though he had fallen into apparent disgrace and even in spite of himself, Ibáñez continued to be a destabilizing force to the political system. / text