The Maseratis lived up to their testing potential - and with improved fuel consumption and better reliability - gave the Ferraris a run for their money. It was to be another dominant race for Alberto Ascari from Luigi Villoresi. José Froilán González came home third in the Maserati in his home race - the first time a Championship round had been to Argentina, whilst new Ferrari signing Mike Hawthorn came home fourth in the 2-litre Ferrari. The race was marred by an accident involving Nino Farina who crashed into the crowd on lap 31, killing 13 spectators.
| Pos | No | Driver | Constructor | Laps | Time/Retired | Grid | Points |
|---|---|---|---|---|---|---|---|
| 1 | 10 | Alberto Ascari | Ferrari | 97 | 3:01:04.6 | 1 | 9 |
| 2 | 14 | Luigi Villoresi | Ferrari | 96 | +1 lap | 3 | 6 |
| 3 | 4 | José Froilán González | Maserati | 96 | +1 lap | 5 | 4 |
| 4 | 16 | Mike Hawthorn | Ferrari | 96 | +1 lap | 6 | 3 |
| 5 | 8 | Oscar Alfredo Galvez | Maserati | 96 | +1 lap | 9 | 2 |
| 6 | 30 | Jean Behra | Gordini | 94 | +3 laps | 11 | |
| 7 | 28 | Maurice Trintignant Harry Schell | Gordini | 91 | +6 laps | 7 | |
| 8 | 22 | John Barber | Cooper-Bristol | 90 | +7 laps | 16 | |
| 9 | 20 | Alan Brown | Cooper-Bristol | 87 | +10 laps | 12 | |
| Ret | 26 | Robert Manzon | Gordini | 67 | Wheel | 8 | |
| Ret | 2 | Juan Manuel Fangio | Maserati | 36 | Transmission | 2 | |
| Ret | 6 | Felice Bonetto | Maserati | 32 | Transmission | 15 | |
| Ret | 12 | Nino Farina | Ferrari | 31 | Accident | 4 | |
| Ret | 32 | Carlos Menditeguy | Gordini | 24 | Gearbox | 10 | |
| Ret | 34 | Pablo Birger | Simca-Gordini-Gordini | 21 | Differential | 14 | |
| Ret | 24 | Adolfo Schewelm Cruz | Cooper-Bristol | 20 | Wheel | 13 |