The tourney also featured hosts Scotland and England.
Belgium kickstarted proceedings on a rousing note going up 1-0 with a Loick Luypaert strike in the 6th minute. Prolific striker Tom Boon extended the lead for the Red Panthers in the 22nd minute. Argentina had to dig deep into their reserves and they were soon rewarded when drag-flicker Gonzalo Peillat converted a penalty corner at the stroke of half-time to keep his side in the contest.
The Las Leonas embraced the second stanza high on optimism. Agustin Mazzilli equalized in the 44th minute as the match took an exciting turn.
Both teams made a desperate bid to score the match-winner, but the all-important goal eluded them as they headed into a penalty shootout.
England had earlier beaten Scotland 3-1 in their second game. Hosts Scotland are winless with three losses from as many games.England will vie with Scotland for the third and fourth place play-off.
Meanwhile, the England hockey eves clubbed Canada 6-1 in the first of the two match series. Ashleigh Ball scored twice for England while Susannah Townsend, Sophie Bray, Susie Gilbert and Hollie Webb scored one apiece. Kate Gillis netted the lone goal for Canada.