| Circuit | Buenos Aires |
| Date | 24.01.1954 |
| Laps | 106 |
| Distance | 1.004,56 km / 624,34 miles |
| No | Driver | Ferrari | S/N | Team | Result |
| 10 | Giuseppe Farina Umberto Maglioli |
375 Plus Spider Pinin Farina | 0398 AM | SEFAC | 1. |
| 12 | Louis Rosier Maurice Trintignant |
375 GP | 002 | SEFAC | 7. |
| 14 | José-Maria Ibanez Ignacio Janices |
375 MM Spider Pinin Farina | 0362 AM | José-Maria Ibanez | retired / accident |
| 16 | Phil Hill Davis M. Sykes |
340 Mexico Berlinetta Vignale | 0222 AT | Allen Guiberson | retired / clucth |
| 30 | Harry Schell Alfonso de Portago |
250 MM Spider Vignale | 0390 MM | 2. | |
| 32 | Roberto Bonomi Carlos Menditéguy |
625 TF | 0306 TF | Roberto Bonomi | retired / gearbox |
| 34 | Luis Milan Elpidio Tortone |
625 TF | 0304 TF | Luis Milan | 5. |
| 46 | Nicolas delle Piane Martin Berasategui |
225 S | Nicolas delle Piane | retired | |
| 48 | Pedro J. Lano Ernesto Tornquist |
225 Export | Pedro J. Lano | retired / accident | |
| 50 | Angel Maiocchi Lucio Bollaert |
225 S Spider Vignale | 0216 ED | Angel Maiocchi | 8. |