Spain make Olympic walking history with marathon relay gold
Ecuador - whose pair included men's 20km walk champion Brian Pintado - finished second (2:51:22) with Australia third (2:51:38).
The Spanish more than justified their favourites tag, both Martin and Perez winning two titles apiece at last year's world championships.
Perez and Ecuador's Glenda Morejon fought out a neck-and-neck duel on the fourth and final leg - which was raced along the banks of the Seine, passing the Eiffel Tower in central Paris.
However, Perez drew clear with Morejon, playing safe to preserve the silver due to being one red card away from a penalty zone punishment, which would have cost them a medal.
That was the fate which befell China when in medal contention, Zhang Jun banging his hand on the metal barrier in frustration after he was sent to the penalty zone on the third and penultimate leg.
The marathon race walk is a new Olympic event that takes the place of the men's 50km race walk, which first appeared at the 1932 Olympics but which has been scrapped in efforts to improve gender equality.