He died of a heart attack at home in Rio de Janeiro on Saturday, a spokeswoman said.
On Friday, he had held the torch in the Rio neighbourhood of Gavea, on the final leg of the Olympic relay.
He cemented Brazil's place as a destination for plastic surgery, giving the world the "Brazilian butt lift".
But he first earned the respect of his fellow citizens by providing his skills free of charge to victims of a disaster.
After a huge circus tent burned hundreds of spectators in the Brazilian city of Niteroi in 1961, Pitanguy tended to disfigured victims.
'Helping people live better'
"Ivo Pitanguy dedicated his life to helping people live better," Brazilian interim President Michel Temer said in a statement.
"He will be missed."