Paul McGinley struggled down the stretch on the West Course at the Wentworth Club, but a 67 of his own was good enough for second place at 13-under-par 275. Nick O'Hern fired a 64 to finish two shots further back at 11-under-par 277.
Cabrera, who was the runner up at this event in 2001 and 2004, began the final round tied atop the leaderboard with Peter Hedblom. Cabrera grabbed the outright lead with a birdie at the par-3 second after his tee shot landed within 3 feet of the hole.
Hedblom found trouble with a bogey at the third, but Cabrera matched him with a dropped shot of his own. At the par-5 fourth, Cabrera hit his second shot to the fringe and drained the eagle try to get to 12 under.
Meanwhile, McGinley began a run of four consecutive birdies at the third to move to 12 under. He added a birdie at the par-4 eighth to grab the lead at 13 under, but Cabrera responded at the par-4 11th.
Cabrera hit his second shot to 5 feet for a birdie to join McGinley in the lead, but McGinley moved ahead once more with a birdie at the 12th. Cabrera countered again with a birdie at the 12th to forge another tie.
Cabrera and McGinley exchanged pars over their next three holes before McGinley found a bunker off the tee at the par-4 16th. McGinley hit his second shot into a greenside bunker and was unable to get up and down to fall one back of Cabrera.
The Argentine took advantage and birdied the 16th to take a two-shot lead. McGinley fell further off the pace with a bogey at the 17th and Cabrera parred his two remaining holes to secure the victory.
'It was a tough day,' Cabrera said. 'Paul was playing very well.'
McGinley salvaged what he could over the closing holes with a birdie at the last to take second place alone.
David Howell carded a 71 to take fourth place at 9-under-par 279. Hedblom managed a 74 in the final round to finish one shot further back at 8-under-par 280 along with Marten Olander and Peter Hanson.
Michael Campbell had a birdie and an eagle on his last two holes for a round of 71. He was joined by Jamie Donaldson at 7-under-par 281. Bradley Dredge followed at 6-under-par 282 after a round of 70.
Last year's champion Scott Drummond posted a 68 to join Colin Montgomerie, Padraig Harrington, Thongchai Jaidee, Steve Webster and Gary Murphy at 5- under-par 283.