Leo Messi and Co reached the Copa America final in July before losing to hosts Chile on penalties. Gerardo Martino’s side returned to action last month, comprehensively defeating Bolivia 7-0 before drawing 2-2 with Mexico.
The new rankings, which take into account September’s European qualifiers, have seen Germany rise a place to second after wins over Group D rivals Poland and Scotland.
2010 World Cup winners Spain have returned to the top 10 in sixth place following victories over Slovakia and Macedonia.
Belgium, who sit a point behind Wales in their qualifying group, drop to third despite wins over Bosnia and Cyprus last month. Portugal sit in fourth, while Colombia are fifth.
Chris Coleman’s side climb to all-time high position of eighth in the world rankings despite being held to a goalless draw by Israel at the Cardiff City Stadium last time out. Wales need just a point to confirm their place at their first major tournament since 1958.
Brazil drop two places to seventh, while Austria have achieved their highest ever position of 11th having sealed early qualification for Euro 2016.
Roy Hodgson’s England remain in 10th position having clinched their place at next summer’s finals in France following victories over San Marino and Switzerland.
Northern Ireland rise six places to 35th. Michael O’Neill’s side are on the cusp of securing their place at Euro 2016 after beating the Faroe Islands and drawing with Hungary last month.
Scotland drop nine places to 40th, while the Republic of Ireland move down three positions to 54th.
The biggest mover is Liberia, who have jumped 65 places to 95th.
Latest FIFA rankings: 1 Argentina, 2 Germany, 3 Belgium, 4 Portugal, 5 Colombia, 6 Spain, 7 Brazil, 8 Wales, 9 Chile, 10 England, 35 Northern Ireland, 40 Scotland, 54 Republic of Ireland.