Argentina stands at 11-under-par 131 at the Country Club Course at Sandy Lane Resort. It is three shots clear of the field after Friday's foursomes, or alternate-shot, format.
Colin Montgomerie and Marc Warren got Scotland into a share of second place after a 4-under 67. The German pair of Bernhard Langer and Marcel Siem posted a 2-under 69 and joined Scotland and Sweden, represented by Carl Petterssen and Henrik Stenson, which shot a 1-under 70 on Friday.
South Africa, anchored by Rory Sabbatini and Richard Sterne, shared the opening-round lead with Argentina and Sweden, but only managed an even-par 71 on Friday. It is tied for fifth place with Spain. Miguel Angel Jimenez and Gonzalo Fernandez-Castano teamed for a 5-under 66 in the second round.
Much like Thursday's first round of four-balls, or better-ball, 30 mile-per-hour winds greeted the players at the Country Club Course. Ten of the 24 teams managed to break par, but it was the pair from Argentina that survived best on Friday.
Argentina got to 8 under par for the championship with a birdie at the par-4 third. The duo combined to birdie the par-5 sixth, then Cabrera sank a 30-foot birdie putt at the seventh to reach 10 under par and move one clear of the field.
Argentina parred the next two holes, then Romero tapped in a short birdie putt at the 10th to get to minus-11. The tandem played steady golf the rest of the way, but did have some chances coming into the clubhouse.
The team had an 18-foot birdie putt at 13, but Cabrera came up short. Romero reached the green in two at the par-5 15th, but the duo three-putted for a par.
Argentina's next great look at birdie came at the par-3 closing hole at the Country Club Course. Romero hit a beautiful tee ball to 25 feet, but Cabrera missed the birdie putt.
Despite eight consecutive pars to close the round, Argentina managed to grab a comfortable cushion. Its solid play, coupled with some back-nine errors by its closest competitors, allowed for the three-shot lead.
Sweden held the lead, but fell at seven when Petterssen missed an 8-foot par putt. Stenson and Petterssen birdied No. 9, but bogeyed the 10th, then things went downhill further.
The pair bogeyed 13, got one back at the 16th, but bogeyed the last when Petterssen hit the team's tee ball 65 feet past the hole. Sweden three-putted from there for a bogey.
Germany collected four birdies on the front side, but bogeyed 14 and 17.
South Africa tallied a pair of birdies at one and six, but parred the next five around the turn. Back-to-back bogeys at 12 and 13, and another at the last halted South Africa's charge.
That left Argentina, with its back-nine pars atop the leaderboard by three.
If Argentina goes to the winner's circle on Sunday afternoon, it will mark the first win for the country since the inaugural World Cup in 1953.
Cabrera was involved with Argentina's best finish in recent memory in 2000. At Buenos Aires Golf Club in Argentina, he and Eduardo Romero went toe-to-toe with the top-ranked American pair of Tiger Woods and David Duval before ultimately losing by three.
'Am I surprised to be leading? No, why? We are not surprised to be there,' said Cabrera.
'I wasn't surprised because I knew we were playing very solid and things were going okay,' said Romero. 'It's a pity we made a three-putt on the 15th and only made par but it was a bogey-free round and that is good when you play this format.'
The English pair of Luke Donald and David Howell teamed for a 1-under 70 on Friday. England is alone in seventh place at minus-6, one shot better than Mexico, which shot a 3-under 68,
Italy (70) and South Korea (72) are knotted in ninth place at 4-under-par 138.
The United States of America team of Stewart Cink and J.J. Henry, a duo that went undefeated at this year's Ryder Cup, struggled on Friday. The tandem only managed a 2-over 73 and is alone in 11th at minus-3.
Defending champion Wales, represented once again by Stephen Dodd and Bradley Dredge, was even worse than the Americans on Friday. Dodd and Dredge combined for a 4-over 75 and are part of a group tied for 12th place at 2-under-par 140.