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I know that "Licenciado" is not an equivalent degree to that of a "Bachelor's degree"...For one thing, "Licenciado" in Latinamerican universities imply at least 4 years of study, whilst a Bachelor's degree can be awarded after only 3 years of study. So, would you consider a Master's degree the right equivalent even though the former is an undergraduate degree and the latter a postgraduate one???
I have a "Licenaciado" degree from a university in Argentina that were 6 years of study. I had to fill a form to apply for a scholarship in Europe and I had to write MS degree, as my teachers told me because the Bachelor degree is much less.
If you compare the programs and knowledge of a bachelor and a licenciado, the second is more complete.
you´d better check, if you can, at the whole currila. Since it depends on the carreer, the university, etc.
Some universities give you a bachelor´s degree for the same career others give you the licenciado degree.
it´s messy, but look carefully and you´ll find the difference...