The main goal of this study was to evaluate the relationship between levels of cognitive social capital and health related quality of life (HRQOL). A multilevel, cross-sectional study was conducted in 2007 in Bogotá Colombia. A total of 1,907 older adults completed the Spanish version of the SF-8 in order to assess HRQOL. Cognitive dimension of social capital was assessed. Hierarchical linear regressions were conducted to determine the associations between social capital variables and HRQOL. Only 20% to 25% of the population reported trust in others and shared values. Ninety three percent reported that people in their neighborhood would try to take advantage of them if given a chance. Higher social capital indicators were positively associated with the mental and physical dimension of HRQOL. Results from this study support evidence on the disintegration of the Colombian society, which may be influenced by high levels of social inequality.