The quantity of classical guitar literature reached a new peak late in the twentieth century with many famous guitarists publishing their own works for solo classical guitar. This increase in the published guitar literature resulted in a decline of the relative analytical discussions of contemporary guitar works. Sérgio Assad is a perfect example of an active guitarist/composer whose works are frequently performed in guitar recitals and yet very little discussion has been provided attempting to gain a deeper understanding of his compositional language. The purpose of this study is to two-fold: first, to show that Fantasia Carioca (1994) is a very carefully organized work and includes an intricate network of thematic material developed through a spectrum of intervallic gestures, of which all derive from the main theme of the piece; second, to provide a deeper insight into the compositional language of Sérgio Assad through a demonstration of different compositional procedures to which the composer resorts. This one-movement piece reveals a high level of organization present in Sérgio Assad's style. The entire thematic material is carefully derived from the main theme. Each thematic unit shows a set of predetermined characteristics that allow these units to react to particular textures and situations. The thematic organization is interwoven with important intervallic gestures and relationships, which lead the development of the thematic material. The insight into the applied techniques and structural elements provides a highly beneficial pool of information for anybody who decides to perform this piece. The offered arguments also serve as a good starting point for further analytical approaches and examinations of the growing oeuvre of Assad's classical guitar music.