I think you're touching on various different issues like fraud, false advertising, racism, etc. so there's no clear answer. You would need to pick a specific case for someone to weigh in on.
The Wikipedia article on freedom of speech in Brazil is a good starting point: https://en.wikipedia.org/wiki/Freedom_of_speech_in_Brazil
It's not a particularly well-written article, but it does lay out the key article from the constitution (article 5) and the various articles in the penal code and the anti-racism law (which is a specific law!) regarding freedom of speech.
Additionally, Article 3, paragraph 4 of the Constitution is key. It's placement at the very top of the constitution, if not legally meaningful, feels politically meaningful to me:
Art. 3 The fundamental objectives of the Federative Republic of Brazil are:
I. to build a free, just and unified society;
II. to guarantee national development;
III. to eradicate poverty and substandard living conditions and to reduce social and regional inequalities;
IV. to promote the well-being of all, without prejudice as to origin, race, sex, color, age and any other forms of discrimination.
So the proof of the pudding to me as a layman is whether whatever form of speech you used qualifies as "prejudice as to origin, race, sex, color, age and any other forms of discrimination"