Bellucci upset top-seeded Fernando Gonzalez in the semifinals on his way to the championship. The 22-year-old left-hander from Brazil won his second career ATP tournament title after a victory last year on clay in Gstaad, Switzerland.
"After the problems in the second set, I felt I would be able to play well in the third," Bellucci said.
Monaco also advanced to the Movistar final in 2008, only to withdraw after he sprained his ankle in the doubles final the day before.
This was Monaco's 10th career ATP final, all on clay. Since his third and last title at Kitzbuehel, Austria in July 2007, he's been runner-up six straight times.