Team Ahlquist and Lundbäck had already secured a bronze medal after yesterday's win.
But there will be no bronze medal.
Instead of the Swedes a chance at a gold or silver medal.
First, the teams met in doubles, where Sweden won 3-1 in sets (11-8, 9-11, 11-7 and 11-7).
Ahlquist superior
Against Thailand in yesterday's quarterfinals, Anna-Carin Ahlquist won 3-0 in sets, and Ingela Lundbäck did not have to play her singles match.
And the Swede got off to a great start, because Ahlquist was superior when she took home the first set with 11-4.
Peric-Rankovic's frustration was felt when Ahlquist picked up a ball, after a ball.
The 49-year-old could almost take on the final match after the Serbian only got three balls in the second set.
The third set was decisive, even though the Swede was at an early disadvantage - but she was responsible for an incredible pick-up.
Ahlquist had two match balls and
Ingela Lundbäck had to rest on the sidelines and did not have to play her single match.
Sweden will face China in the final on Friday night, at 04:30 Swedish time.
The article is updated