He was 97.
Velasquez assumed the presidency for eight months from 1993 to 1994 after his predecessor was impeached for embezzlement.
He was the last living former president of Venezuela. Opposition politician Henry Ramos Allup announced his death today.
Velasquez was born in 1916 in western Venezuela. Before becoming president, he worked as a lawyer, journalist and historian. He was jailed repeatedly in the 1950s under the dictatorship of Marcos Perez Jimenez. One of his arrests was for his contributions to a book detailing the administration's misdeeds.