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Olavo Yépez Obando (born 20 August 1937, San Gabriel, Carchi) is an Ecuadorian chess master.
He won Ecuadorian Chess Championship at Pichincha 1962, took 9th at Mar del Plata 1962 (Torneo Latino-americano, Raimundo Garcia won), tied for 3rd-6th at Havana 1966 (Pan American Chess Championship, Eleazar Jiménez won), played at Caracas 1967 (zonal, Miguel Cuéllar won), took 2nd, behind Silvino Garcia Martinez, at Santa Clara 1968, shared 1st with Eleazar Jiménez Zerquera at Quito/Guayaquil 1969 (zonal), took 15th at Caracas 1970 (Oscar Panno, Leonid Stein and Lubomir Kavalek won), took 3rd at Caracas 1973 (Kenneth Frey Beckman won), and took 2nd, behind Jorge Rubinetti, at Quito 1975.
Olavo Yépez played thrice for Ecuador in Chess Olympiads (Tel Aviv 1964, Havana 1966, and Nice 1974) at first board.
Awarded the International Master title in 1969.