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Edward Nino Hernandez, measuring 70cm (27in), is slightly taller than a piece of carry-on luggage and weighs 10kg (22lbs).
"He hasn't grown since he was two years old," his mother Noemi Hernandez told Sky News.
The previous titleholder was China's He Pingping, who was 4cm (1.5in) taller than the Colombian and died on March 13.
"I feel happy because I'm unique," Nino, 24, said in a recent interview but added that "it bothers me that people are (always) touching me and picking me up.”
According to his mother, doctors could not explain why her son is so small. "They never gave us a diagnosis," she said.
Nino comes from Bosa, a mostly poor district of southern Bogota, and loves to dance, dreams of owning a car and wants to see the world.
The record holder also said he has an 18-year-old girlfriend named Fanny, who measures less than 5ft tall.
Nino does suffer from some health problems including cataracts in both of his eyes that blur his vision and require surgery.
His mother said: "He doesn't see well. He isn't able to read."
Nino also had to repeat several years of school before dropping out.
The world's shortest man has earned some cash dancing at department stores and is now acting in a film in which he plays a pint-sized drug thug.
