Falcao, who scored a hat-trick at home to Spartak Moscow in the previous round, took his Europa League tally to 15 goals as free-scoring Porto hammered Villarreal 5-1 in their semi-final, first leg.
Porto's other goal was scored by fellow Colombian Fredy Guarin.
Falcao, 25, is well on the way to becoming Colombia's most successful export and eclipsing the electric but wildly temperamental Faustino Asprilla, who played for Parma and Newcastle United in the 1990s.
Part of the Colombian team which hosted and won the South American under-20 championship, Falcao was raised at Argentina's River Plate and may have been helped by moving to Europe only two years ago at a relatively mature age.
Although he has said he wants to stay at Porto and play for them in the Champions League next season, Falcao is likely to be targeted by Europe's biggest clubs, which could raise the profile of Colombian football still further.
On Wednesday, America - 13-times Colombian champions and four-times Libertadores Cup runners-up - became the third Colombian club in a fortnight to be handed a suspended ban over unpaid players' wages and social security contributions.
All sanctions were handed down by the Colombian sports institute Coldeportes and the decision was welcomed by the players' union Acolfutpro.
"Since the establishment of Acolfutpro in 2004, we have asked the government repeatedly to prevent clubs who refuse to comply with the rules and do not pay salaries from taking part in the competition," the union said in a statement.
"After seven years of hard work, we managed to get Coldeportes to fulfil its obligations. It has suspended three clubs over unpaid wages and social security. And we expect that other clubs will also be sanctioned in the near future."
