Having weathered a first-half storm at the Ciudad de La Plata stadium, Bolivia shocked Argentina two minutes into the second half when Jhasmany Campos hit a corner low to the near post where Edivaldo Rojas back-heeled it past goalkeeper Sergio Romero.
Marcelo Martins looked set to give Bolivia a two-goal lead on the hour when he beat Argentina's offside trap but Romero dived to touch the ball away from the striker's feet then got up to block his second effort.
Argentina equalized with 13 minutes left when Nicolas Burdisso chested down a cross Marcos Rojo and Aguero volleyed home. Minutes after his goal, Aguero might have snatched a win for the hosts but his shot brought a diving save from Bolivia goalie Carlos Arias.
Lionel Messi had a shot parried by Arias and then bundled away for a corner but he was kept quiet by tight Bolivian marking.
In an exciting finish either side could have snatched victory as Argentina created chances while Bolivia attempted to hit them on the break.
While the first half was dominated by Argentina, the only shot on target came from the ultra defensive Bolivians' single chance when Martins squared the ball to Rojas and his weak but well-directed shot was saved by Romero.
Apart from that chance it was almost one-way traffic toward the Bolivia box with Argentina winning a string of corners but failing to get a clean shot on target.
The hosts almost broke through when striker Ezequiel Lavezzi broke in from the right and sent a low shot just wide of the far post. Messi then linked with Carlos Tevez but the moved fizzled out for a corner, and midfielder Esteban Cambiasso was unable to capitalize on a loose ball after a jinking Messi run.
