Found only in its type locality which is a seasonal pond, mainly covered with grass, in the Paraná Forest at ca.185 m a.s.l.. It is in an open space, in the surrounding jungle, with abundant palm trees. Maximum depth measured was ca. 80 cm, and the water was clear and no submerged aquatic vegetation was observed. The bottom is of soft sediment, with abundant organic matter .
This species is distinguished from its congeners by having a unique colour pattern consisting of the following: mature males when alive with scattered small dark brown to grey irregular blotches on the laterodorsal surface of head and anterior portion of trunk, with many and relatively big sub-square irregular iridescent turquoise to light blue blotches on unpaired fins, evenly distributed, and those in the distal portion are elongated and merging, the trunk and tail with anterocentral part of scales iridescent turquoise with grey borders generating a reticulated pattern, the thin external border of the scales in the dorsal part of trunk, below the dorsal fin, are iridescent turquoise, and orange-yellowish background coloration on the base of unpaired fins and yellowish belly; in juveniles and young adults, anterior nostrils are ventrolaterally directed .: elongated; Cross section: compressed.
Behavioural data for Argolebias Guarani is currently being reviewed.
Freshwater; pelagic; depth range 0 - 1 m . Tropical South America: Argentina.
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