The Pumas have taken revenge for last week's Rugby Championship loss to the Wallabies, thrashing Australia 48-17 in San Juan.
Earlier, the All Blacks got back to winning ways in a thriller at Ellis Park, downing the world champion Springboks 35-23.
Those results mean that after two matches in the Rugby Championship, all four teams have one win to their name, with the Wallabies second behind Argentina.
The Argentinians tactically out-thought the Wallabies with a superior kicking game and out-fought the Wallabies at the breakdown to run in seven tries and bring the visitors crashing back to earth ahead of two home Tests against South Africa.
"It's not good enough," Wallabies coach Dave Rennie told Stan Sport after the match.
"We conceded four tries with kicks in behind us and got dominated in the collision area.
"We're better than that.
"We want to earn the respect of the country and you're never going to do that with performances like that."
The Wallabies were always chasing the game after a blistering start from the hosts at a raucous Estadio San Juan del Bicentenario in Pocito.
Juan Imhoff crossed in the opening minute after the first of many up-and-under kicks forced a mistake at the back between Jordan Petaia and Tom Wright.
That score was followed swiftly by another as a shell-shocked Wallabies failed to contain rampaging prop Thomas Gallo, who burrowed under from close range to finish off another power move from the hosts.
James Slipper hit back almost immediately as the Wallabies worked a set piece to perfection off a lineout thanks to a strong run from the impressive Rob Valentini.
James O'Connor added a penalty soon after and laid the ball on a plate for Petaia to cross that would have given the Wallabies the lead, only for the video referee to bring play back for foul play at an earlier ruck.
That stung the Pumas back into action as Jeronimo de la Fuente tip-toed his way through a gaping hole in the Wallabies defence to re-establish the lead.
Another high kick that was poorly diffused saw Juan Martín González catch the loose ball and scoot over unopposed to hand the hosts their bonus point try inside the opening half.
After the free-scoring first half, a try-less third quarter saw the match descend into an arm wrestle, but the Pumas broke the shackles after the hour mark when Gallo bounced over for his second.
Len Ikitau crossed for the Wallabies soon after and, when Tate McDermott landed a 50:22 almost immediately after the resulting kick off, the Wallabies sensed a late comeback.
However, Emiliano Boffelli encapsulated the match with a wonderful solo score, capitalising on a turnover in the Wallabies 22 by regathering a delicate Lucio Cinti grubber ahead of Marika Koroibete.
The Pumas saved the best for last though, Tomas Cubelli darting off the back of a scrum on half way before prodding the ball forward off the boot to fellow replacement Tomas Albornoz, who sealed a superb victory.
All Blacks snap losing streak
New Zealand lost a 15-point lead and then produced two tries in the last six minutes to come from behind and beat South Africa 35-23 in Johannesburg.
New Zealand's victory was unexpected and gutsy, ending a run of three straight losses — and five losses in the All Blacks' last six Tests — that put coach Ian Foster on the brink of being fired and rugby's most successful team under immense scrutiny.
The All Blacks had promised this week that they would give everything against the world champions at Ellis Park — one of the toughest places to play — to end that losing run.
They were true to their word as they dug deep in the dying minutes after seeing an early 15-0 lead wiped out and the Springboks go ahead by two points at 23-21.
New Zealand launched a length-of-the-field attack, finished off by centre David Havili, to snatch the lead back in the 74th while down to 14 men after replacement Beauden Barrett's yellow card.
The All Blacks added another try right at the end through a close-range drive by lock Scott Barrett to secure a deserved win that might have eased the pressure on Foster.
"It has never been a question of how much we care or how much we want it, we just needed to get a few parts of our game right," New Zealand captain Sam Cane said.
"It was a massive challenge coming here… and the group stepped up massively, so hugely proud.
Cane and hooker Taukei'aho Samisoni scored tries in the first half as New Zealand fronted up to the Springboks' forward pack, gaining dominance at the breakdown to ensure a healthy supply of possession in a way they couldn't do in last weekend's 26-10 loss.
The early surge by New Zealand saw Cane crash over in the right corner in the 28th minute after a sweeping attack silenced the 61,000-strong support at Ellis Park. Samisoni found his way over in the left corner five minutes later.
Fly half Richie Mo'unga kicked that touchline conversion for Samisoni's try in his 15 points and rewarded Foster by calling him into the starting line-up with an assured performance as the All Blacks' playmaker.
South Africa replied with a Lukhanyo Am just before the break, before Handre Pollard landed a penalty from inside his own half after the half time hooter to close the score to 15-10.
Makazole Mapimpi crossed midway through the second half after having one disallowed a few minutes earlier and Pollard's boot put the home team 23-21 ahead in the 68th minute.
It was the first and only time the Boks led in the match.
"We fought back really well in the second but we slipped up in one moment," South Africa captain Siya Kolisi said.
"We fell asleep and that's what they can do to you when that happens."
The game-breaking moment came from Rieko Ioane's break down the left touchline, which took the All Blacks 50 meters down field before a series of phases ended up with Ioane's centre partner Havili reaching out and planting the ball on the tryline to swing the match back New Zealand's way.
Barrett's score with a minute to go rammed home the comeback.
"There's a few doubters back home but there's always going to be. We know what we have in this team," Ioane said.
ABC/AP
Look back at the action unfolded in our blog.
Key events
- Argentina beat Wallabies 48-17
- 80+2' What a try Argentina!
- 78' Try Argentina!
- 65' Try Wallabies!
- 64' Try Argentina!
- 53' Penalty goal Argentina!
- Second half underway
- Wallabies trail 26-10 at half time
- 32' Try Argentina!
- 24' Try Argentina!
- 16' Penalty goal Wallabies!
- 13' Try Wallabies!
- 6' Try Argentina!
- 2' Try Argentina!
- Wallabies team
- How Argentina line up
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Live updates
By Simon Smale
Dave Rennie: 'We're better than that'
Dave Rennie is speaking to Stan Sport.
"Massive disappointment," he says.
"It's not good enough.
"We conceded four tries with kicks in behind us and certainly got dominated in the collision area.
"We created opportunities but we've got to be patient our ruck is not a disaster and we just weren't clinical enough."
He says that the Wallabies lacked cohesion in the match and looked desperately frustrated, adding "We're better than that.".
"We want to earn the respect of the country and you're never going to do that with performances like that."
By Simon Smale
James Slipper: Wallabies 'Probably fell short of standards'
Here's the skipper, James Slipper.
"Clearly disappointed," he says.
"Off the back of a good performance last week we wanted to back it up.
"Probably fell short of standards today."
He says that the Argentinans were just the better team on the day.
"They got the momentum and the crowd behind them and they're a tough team to play catch up football against," he says.
With all teams sitting on one win each, Slipper says the Rugby Championship is evenly poised, but the Wallabies are excited to get home.
"I think we're excited to get home. It's been a really tough tour for us."
By Simon Smale
Argentina beat Wallabies 48-17
Wow, what a stunning result and a brutal scoreline for the Wallabies to stomach.
The Wallabies were tactically outclassed by former coach Michael Chieka and there's no hiding it.
The Argentinians kicking out of hand was better, the breakdown was better and they capitalised on the big moments better than the Wallabies.
It's the biggest ever win by Argentina over Australia.
By Simon Smale
80+2' What a try Argentina!
Oh that's magnificent from both Tomas Cubelli and try-scorer Tomas Albornoz.
Cubelli took the ball off the back of the scrum and darted through a gap, chipping ahead and that allowed Albornoz to collect and score.
The kick is successful and it's 48-17!
By Simon Smale
Man of the Match: Thomas Gallo
The player of the match has just been announced to a raucous ovation.
It's the Argentina prop, Thomas Gallo off the back of his two-try performance.
By Simon Smale
78' Try Argentina!
Lovely try to seal the win from Emiliano Boffelli!
The Wallabies lost the ball at a ruck and then Lucio Cinti put boot to ball, rolling it in behind and Boffelli ran around Markia Koroibete to dot down the bobbling in the corner.
The kicking game has been superior all day, the Wallabies have been punished for mistakes, and that's the game in a microcosm.
By Simon Smale
77' Wallabies scrum
Argentina were pushing for another score but lose the ball forward thanks to some solid Wallabies defence on their right edge.
By Simon Smale
74' Penalty Argentina
Reece Hodge is on and his first involvement is to tackle an Argentinian in the air from another up and under contestable kick.
Argentina put a couple more phases together but we'll come back for that infringement on half way.
They'll kick for the corner and have a lineout on the 22.
By Simon Smale
72' Penalty Argentina
The Wallabies were on the charge, looking to build some phases but Ikitau threw the ball over the line while being tackled and it will be a Argentina line out.
Nope, it will be a penalty, Tate McDermott pinged for a push off the ball as frustrations boil over.
By Simon Smale
69' Argentina penalty!
Oh the Wallabies can't keep their discipline!
The ruling is that the Wallabies did not release the ball in the tackle and the hosts get a relieving penalty.
By Simon Smale
67' 50:22 from Tait McDermott!
Oh that will help the cause!
What a kick from the Queensland scrumhalf!
If the Wallabies score from here, a lineout on the five metres, then things could get very interesting!
By Simon Smale
65' Try Wallabies!
Len Ikitau dives over after being tackled - he popped back to his feet and strolled over the line unopposed.
So that's the application from the referee just as with the previous try.
Funny, the commentators aren't nearly as unhappy with that decision...
Can the Wallabies launch a comeback?
By Simon Smale
64' Wallabies subs
I haven't mentioned every sub, but Billy Pollard is on. Great story there, the Brumbies hooker has had a hell of a journey to get to Argentina on time and he comes on to make his Test debut.
By Simon Smale
64' Try Argentina!
11 phases of precise and incisive play by the Argentinians gets the reward it deserves.
Thomas Gallo looked like he was tackled short, perhaps the referee said he hadn't been held, but he got up and dove over the line...
Hmmm, not sure about that on replay, but the officials were happy.
There were two penalties in the move through against Fraser McReight we heard the referee say, adding that the Reds man going to be sent to the bin.
The conversion is good and the lead is now 26, Argentina 36-10 ahead.
By Simon Smale
62' Penalty Argentina
The Wallabies are really struggling to beat this blue and white defensive line, being forced to kick deep while the Argentinians have time to kick high and contest
Rob Valentini closed the gap that Juan Cruz Mallia tried to run into, and gives away the penalty by blocking him.
Again, the commentators seem to think that Valentini didn't close that gap, but I don't think they're quite right. He didn't do much, admittedly, but he did close out that lane for him to run in to.
Argentina kick deep for a lineout.
By Simon Smale
58' Knock on Argentina
Oh the Wallabies get away with one there.
Argentina were flooding forward again, Matias Moroni with a decent run initially.
There was an intercept thrown to Petaia, who almost apologetically gave it straight back to the Argentinians.
Taniela Tupou put a thumping tackle in the midfield that barely interrupted the Pumas' mometum.
A chip in behind isolated James O'Connor and the Argentinans counterrucked to win the turnover, but then knocked the ball on five metres out from the Wallabies line.
By Simon Smale
55' Penalty Argentina
The Wallabies are caught offside as Argentina flood forward with some nice passing plays.
The hosts are swarming all over the breakdown to create that quick ball which resulted in the offside penalty.
The penalty is just inside the Wallabies half, but they'll kick for touch this time.
By Simon Smale
53' Penalty goal Argentina!
The Argentinians kicked deep straight away off the lineout after seeing a big gap in behind.
The Wallabies get back through Tom Wright but as he runs the ball back he gets isolated.
The kick from the ten-metre line is good from Emiliano Boffelli and the gap is out to 19 points, 29-10.
By Simon Smale
52' Wallabies turn the ball over
Some good ball movement right and left from the Wallabies but then a pass out the back goes behind and it will be out for a lineout, that Argentina takes quickly.
