Juan Fangio won the Argentine Grand Prix 1954 at Autódromo Juan y Oscar Gálvez on 17 January 1954, starting from P3 on the grid. Nino Farina finished second for Ferrari, with José Froilán González completing the podium for Ferrari.
| Pos | Grid | Driver | Team | Laps | Time / Status | Pts | FL |
|---|---|---|---|---|---|---|---|
| 1 | 3 | Juan FangioFAN | Maserati | 87 | 3:00:55.8 | 8 | |
| 2 | 1 | Nino FarinaFAR | Ferrari | 87 | +1:19.0 | 6 | |
| 3 | 2 | José Froilán GonzálezGON | Ferrari | 87 | +2:01.0 | 5 | |
| 4 | 5 | Maurice TrintignantTRI | Ferrari | 86 | +1 Lap | 3 | |
| 5 | 15 | Élie BayolBAY | Gordini | 85 | +2 Laps | 2 | |
| 6 | 11 | Harry SchellSCH | Maserati | 84 | +3 Laps | 0 | |
| 7 | 10 | Prince BiraBIR | Maserati | 83 | +4 Laps | 0 | |
| 8 | 13 | Toulo de GraffenriedDEG | Maserati | 83 | +4 Laps | 0 | |
| 9 | 12 | Umberto MaglioliMAG | Ferrari | 82 | +5 Laps | 0 | |
| D | 17 | Jean BehraBEH | Gordini | 61 | Disqualified | 0 | |
| D | 4 | Mike HawthornHAW | Ferrari | 52 | Disqualified | 0 | |
| R | 6 | Onofre MarimónMAR | Maserati | 48 | Engine | 0 | |
| R | 8 | Roberto MieresMIE | Maserati | 37 | Oil leak | 0 | |
| R | 16 | Roger LoyerLOY | Gordini | 19 | Oil pressure | 0 | |
| R | 18 | Jorge DaponteDAP | Maserati | 19 | Gearbox | 0 | |
| R | 14 | Louis RosierROS | Ferrari | 1 | Accident | 0 | |
| W | 7 | Luigi MussoMUS | Maserati | 0 | Withdrew | 0 | |
| W | 9 | Carlos MenditeguyMEN | Maserati | 0 | Withdrew | 0 |