The CPS-1 or Capcom Play System 1 is an arcade system board by Capcom that debuted in 1988 with Forgotten Worlds and Ghouls 'n Ghosts. Street Fighter II, one of the most popular fighting games of all time, ran on this board.

After a number of arcade game boards designed to run only one game, Capcom embarked upon a project to produce a system board that could be used to run multiple games, in order to reduce hardware costs and make the system more appealing to arcade operators. The design of the board had only two incarnations, the later version adding the QSound hardware and Kabuki encrypted sound program ROMs.

The system was plagued by many bootleg versions of its games. In particular, there were so many bootleg versions of Street Fighter II, they were in some countries more common than the official version. This problem was virtually eliminated by Capcom in the later CPS-2.

The CPS-1 hardware was also utilized in Capcom's unsuccessful attempt at home console market penetration, the CPS Changer.