I checked and Venezuela does have "Flankers", one of the world's top 10 fighter aircraft.
Yes I did a run down of each of the three nations armed forces. Venezuela's are the best equipped by far. The Colombian Air Force's attack capabilites are 18 Dassault Mirage 5s and 11 IAI Kfirs. The Venezuelan Air Force's attack capabilities are 18 F-5 Freedom Fighters, 12 Dassault Mirage 50s, 10 operations F-16s, 14 Sukhoi Su30 Flankers, which I have to agree with the above poster is a very good fighter. Ecuador, though, as better strike capabilites than either. The Ecuadorian Air Force's attack capabilites are 11 BAC Strikemasters (hehe don't even know if those qualify), 12 Dasault Mirage F.1s, 12 IAI Kfirs, and 7 SEPECAT Jaguars, which are a decent ground attack aircraft especially for a small Latin American country like Ecuador.
Let's move onto Army equipment. The Main Battle Tank of Venezuela is the AMX30 of which Venezuela currently has 86 in their military. Not horrible though it is lightly armoured and of mid 1960s vintage. The current vehicle that the Colombian Army uses as an MBT is the Bradley Fighting Vehicle, of which they only have 12. The MBT of Ecuador is the old T-55 doesn't say how many they have though.
For guns the Venezuelans use mostly the FN FAL, with more experienced units using the FN FNC or the AK-103. I don't know what the Colombians use and the Ecuadorians use the FN FAL.
I didn't check Navies because they are less likely to be a major factor than even tanks.
So in the end while Colombia has a major advantage in the number of men currently in uniform the Venezuelans have a very large edge when it comes to military equipment, especially when it comes to the Air Force.
