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Chestnut set a new world record by eating 75 hot dogs in ten minutes for his 13th title.
Sudo won her seventh straight title. She dominated the field, setting a women's record by eating 48.5 hot dogs and buns in 10 minutes.
The annual hot dog eating contest, an American holiday tradition on Coney Island for generations, took place in a private location with COVID-19 safety measures in place.
The event featured 10-minute competitions for leading male and female eaters.
Chestnut previously held the world record by downing 74 hot dogs and buns in 10 minutes in 2018.
He weighed-in at 220 pounds on Friday as he pursued his 13th title.
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Chestnut said he ate a little too much when the coronavirus pandemic started back in March.
"I ate too much and I gained a little bit of weight. Once I realized I was gaining weight, I started eating healthy - lot more vegetables," he said. "It's hard to eat healthy during quarantine. It's so easy to order take out and delivery food."
Chestnut said it's weird knowing he won't have an audience this year, especially since he draws a lot of energy off the crowd.
Sudo's previous all-time best was 41 hot dogs and buns. The women's previous world record is 45 Nathan's Famous hot dogs and buns in 10 minutes.
The 6-time champion weighed-in at 132 pounds on Friday.
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"We're ecstatic to make the announcement that the Hot Dog-Eating Contest will take place this year," said James Walker, Nathan's Famous Senior Vice President, Restaurants. "2020 has been a year for the history books, and the realization that this storied July 4 tradition would be able to occur, is a great feeling. With that being said, our country and our world has endured so much in the last couple of months, that we'd be remiss if we didn't use this moment to honor those that have done so much for each of us during this time."
The contest, which features an annual donation of 100,000 Nathan's Famous hot dogs to Food Bank for New York City, will be dedicated to raising funds for food banks and to raising awareness of food bank needs.
Major League Eating and individual eaters will make donations to food banks and use the contest as a platform to highlight the work of these organizations.
The contest also will be used as a platform to honor essential workers in New York City, many of whom have not received recognition for their efforts.
"We owe so much to those that kept our communities fed and cared for during this unprecedented time, and we look forward to honoring them on July 4," Walker said.
ESPN aired the telecast of the contest, which included only five eaters rather than the usual 15 to allow for social distancing.
"The Nathan's Famous contest is synonymous with July 4, America and the celebration of freedom," host George Shea said. "We are honored to use the contest to highlight the incredible spirit of those who have supported our city and nation through the current challenge."