Luis María Argaña served as Vice President of Paraguay under President Raúl Cubas from 1998 until his assassination. On March 23, 1999, he was targeted in a bold drive-by shooting in the capital city of Asunción. The assassination occurred in broad daylight, as Argaña was traveling in a vehicle, highlighting a profound political crisis within the nation. Following the assassination, investigations uncovered allegations of police involvement, leading to widespread distrust in state institutions.

The violent nature of Argaña's death was reflective of the intense political rivalry and corruption that plagued Paraguay at the time. His death triggered nationwide protests and a significant public outcry against the government which was seen as struggling to maintain order. The assassination was also part of a larger pattern of instability, with other political figures also facing threats and violence.

In the days following his death, Argaña's supporters took to the streets in protests, demanding accountability and expressing their grief. The political atmosphere became increasingly polarized, culminating in President Cubas’ resignation later that year amid public pressure and allegations of complicity in the assassination. The ensuing political turmoil would lead to significant changes in leadership in Paraguay, effecting both domestic and international perceptions of the country's stability.