The global COVID-19 pandemic, caused by the severe acute respiratory syndrome-coronavirus 2 (SARS-CoV-2), spread rapidly across the globe. The lack of available therapies was an essential condition to repurpose available medicines for the treatment or prevention of that worrisome condition. It was our aim to summarize the available knowledge about the mechanism of action of the antirheumatic drugs chloroquine/hydroxychloroquine and the antiviral drug favipiravir. Further, the concomitant therapeutic potential of both drugs is discussed. The multiple mechanisms of action of CQ/HCQ as well as their immunomodulatory properties are still under investigation in COVID-19 treatment. The nucleoside analogue favipiravir is rapidly metabolized in host cells which disrupts viral synthesis and leads to mutagenesis. Clinical trials become available that provide evidence of the beneficial effect of concomitant use of both drugs in mild-COVID-19 patients. Simultaniously, side effects like QTc prolongation or teratogenicity pose risk to extensive community application. Future well designed, large randomized clinical trials are awaited to determine the role if any of those medications in COVID-19 therapy.