Pumas captain Pablo Matera has been reinstated as skipper, but will not face the Wallabies in Sunday's final Tri Nations test.
The inspirational Matera was stripped of the captaincy and suspended from the Sydney test, alongside teammates Guido Petti and Santiago Socino, after historic racist tweets resurfaced.
The Argentina Rugby Union (UAR) described the social media posts, some up to nine years old, as "discriminatory and xenophobic".
But the UAR has lifted the ban after a disciplinary hearing, confirming Matera's reinstatement, although none of three have been named to play at Bankwest Stadium.
"The three players expressed their deep regret, reiterated the apology, ratified that it is not what they think and that it was a reckless act, typical of immaturity," the UAR says.
"However, they are fully responsible... and seek to amend the damage caused.
"At the time of preliminary issuance, the disciplinary committee has considered and assessed the attitude of the three players during this process, and understands that they have not repeated similar actions during these more than eight years.
"They have shown during this time to be people with firm and upright values, worthy of being part of our team."
Argentina: 1-Nahuel Tetaz Chaparro, 2-Julian Montoya, 3-Francisco Gomez Kodela, 4-Matias Alemmano, 5-Marcos Kremer, 6-Santiago Grondona, 7-Facundo Isa, 8-Rodrigo Bruni, 9-Felipe Ezcurra, 10-Nicolas Sanchez, 11-Emiliano Boffelli, 12-Jeronimo de la Fuente (c), 13-Matias Orlando, 14-Bautista Delguy, 15-Santiago Carreras
Reserves: 16-Jose Luis Gonzalez, 17-Mayco Vivas, 18-Juan Pablo Zeiss, 19-Lucas Paulos, 20-Francisco Gorrissen, 21-Gonzalo Bertranou, 22-Domingo Miotti, 23-Santiago Chocobares
