Paraguay is 3.1 times larger than Nicaragua.
Area: 130,370 km2 World Factbook
Population: 5,848,641 (July 2014) World Factbook
Nicaragua, officially the Republic of Nicaragua, is the largest country in the Central American isthmus, bordering Honduras to the north and Costa Rica to the south. Wikipedia
Area: 406,752 km2 World Factbook
Population: 6,703,860 (July 2014) World Factbook
Paraguay, officially the Republic of Paraguay, is a landlocked country in central South America, bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. Wikipedia