Beaten in the semi-final by Australian Jack Robinson after taking only one wave, the Brazilian was more creative in the bronze match against the surprise of the men's draw, Alonso Correa, winning with a score of 15.54 to the Peruvian's 12.43.
Modest surf conditions resulted in a tight duel, but Medina chose his waves better in the final 20 minutes to seal third on the podium.
An AFP photograph of Medina celebrating after kicking out of a wave last week after a ride that earned a record Olympic score became a global sensation, and a defining image of the sport and the Paris Olympics.
The gold medal will be decided later Monday.