The 25-year-old Indian was near her best and shot a perfect final end but the five-time World Cup champion Sara was superior to clinch the issue by two points (146-144).
Vennam has now won five medals at the Worlds, including three silvers and two bronzes. Other than the two silvers here, she won two bronzes in 2019 (compound women's team and compound individual) and a silver in 2017 (compound women's team).
Earlier on Friday, Jyothi was a member of the Indian women's and mixed pair compound archery teams which signed off with silver medals after lop-sided losses to Colombia here.
India were in pursuit of their first ever gold medal at the world event.
Jyothi dished out a consistent display shooting 28, 29 and 29 in her first three ends, but the Colombian top seed opened up a two-point lead at the halfway mark, drilling in seven perfect 10s with two X (closest to the centre) from nine arrows.
The sixth seeded Indian shot three 10s from three arrows in the final end but that was not enough as Sara wrapped up the gold medal match by two points.
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