A representative leather tannery industry in a Latin American developing country has been studied from an environmental point of view, including both technical and economic analysis. Life Cycle Analysis (LCA) methodology has been used for the quantification and evaluation of the impacts of the chromium tanning process as a basis to propose further improvement actions. Four main subsystems were considered: beamhouse, tanyard, retanning, and wood furnace. Damages to human health, ecosystem quality, and resources are mainly produced by the tanyard subsystem. The control and reduction of chromium and ammonia emissions are the critical points to be considered to improve the environmental performance of the process. Technologies available for improved management of chromium tanning were profoundly studied, and improvement actions related to optimized operational conditions and a high exhaustion chrome-tanning process were selected. These actions related to the implementation of internal procedures affected the economy of the process with savings ranging from US dollars 8.63 to US dollars 22.5 for the processing of 1 ton of wet salt hides, meanwhile the global environmental impact was reduced to 44-50%. Moreover, the treatment of wastewaters was considered in two scenarios. Primary treatment presented the largest reduction of the environmental impact of the tanning process, while no significant improvement for the evaluated impact categories was achieved when combining primary and secondary treatments.