Argentina have beaten New Zealand 29-23 in a tough Rugby Championship Test, recording their first ever home win over the All Blacks.

The All Blacks scored three tries to two, but three second-half penalties to replacement Santiago Carreras allowed the Pumas to bounce back from last weekend's 41-24 defeat in Cordoba.

With all four teams now having one win and one loss, New Zealand managed to stay atop the Rugby Championship standings thanks to a late penalty goal, which allowed them to escape with a bonus point.

It was the 16th clash between the two nations on Argentinian soil, with New Zealand having won 14 previous times to go with a draw in 1985.

The Pumas dominated from the start in all aspects of the game, with the All Blacks enduring three yellow cards, leaving them short-handed for significant periods, including being down to just 13 men before halftime.

With the Pumas ahead 6-3 in the first half, the momentum swung to the All Blacks with slick tries to Billy Proctor and Fletcher Newell allowing them to take the lead.

A yellow card to New Zealand fullback Will Jordan for deliberate obstruction turned the game. A try to Juan Martin Gonzalez saw the scores levelled, while All Blacks forward Tupou Vaa'i joined Jordan in the bin for a deliberate knockdown.

After being locked at 13-13 at halftime, Carreras kicked two penalties before a try to scrum-half Gonzalo Garcia saw the home team skip 13 points clear.

The All Blacks weren't finished though, threatening a fight back after a try to Samisoni Taukei'aho, but another yellow card, this time to winger Sevu Reece, all but ended their hopes.