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We reanalyzed the surface displacements observed at the Lazufre volcanic complex in the Southern Andean Central Volcanic Zone using GPS measurements made between 2006 and 2008 and a large InSAR data set. We performed a detailed spatiotemporal analysis of the displacements using a principal component analysis inversion method (PCAIM). The PCAIM reveals a source with no significant changes in shape and dimension and with a remarkably linear strength increase over the whole period of observation (i.e., 2003–2010). Then we used a three‐dimensional mixed boundary element method (MBEM) to invert the first component of surface displacement as obtained from PCAIM. We explored a continuum of geometries from a shallow elliptic crack to a deep massive truncated elliptical cone that could represent a sill or a large magma chamber, respectively. The best models indicate a large flat‐topped …