The Cameroon Football Federation (Fecafoot) has been ordered to pay
$1.63m in compensation after ending his contract early.
The 60-year-old Portuguese took his former employers to world football's governing body Fifa after being removed from his job in March, weeks after the Indomitable Lions finished third at the Africa Cup of Nations on home soil.
Conceicao had secured Cameroon's place in Africa's World Cup play-offs before he was replaced by Rigobert Song on the orders of the country's president.
Ex-Liverpool defender Song subsequently led the side to qualification for Qatar 2022 by beating Algeria on the away goals rule.
A Fifa tribunal ordered Fecafoot, led by former international Samuel Eto'o, to pay Conceicao for a breach of contract without just cause and additional sums for outstanding salary and bonuses.
A top official of Fecafoot told BBC Sport Africa that the body is yet to decide if there are grounds to appeal against the Fifa decision.
Conceicao is the latest European coach to seek compensation after leaving the Central African nation.
Winfried Schafer, who led the team to Nations Cup success in 2002 and the final of the 2003 Fifa Confederations Cup, reported Cameroon to Fifa in 2005.
Portuguese Artur Jorge and Frenchman Denis Lavagne also had money problems with the five-time African champions.
Source: BBC Africa