The object, photographed by a fisherman near San Rafael over an artificial lake called El-Nihuil, was, according the the newspaper Los Andes, witnessed by more than one person.
Mr Pino, 44, from San Rafael, fishes on the lake and told Los Andes that he often goes down to the water to watch the swans. On Saturday last week, however, he noticed a strange object hovering over the lake and took a series of photographs on his mobile phone.
He said: "I was excited and I do believe life must exist on other planets."
Shortly after Mr Pino approached the newspaper, a second witness - Christian Figueroa - claimed that he and his father saw the object while travelling past the lake in a bus. "We froze (with shock)," he said.
Mr Rafael also told Los Andes that he had noticed several strange phenomena in recent months in the area. He described an incident when a range of hills around the Atuel river were illuminated by several bright white flashes which he did not believe were caused by lightning. He described them as similar to very powerful camera flashes.
Members of UFO and cryptozoology communities are both claiming ownership of the object with some saying that it could be an unknown creature or a Pterodactyl - a flying dinosaur that last lived on Earth 66 million years ago.