The banner read 'Las Malvinas son Argentinas', which translates as 'the Falkland Islands belong to Argentina', with the players holding it in front of them in an act of support before kick-off.
The actions of the national side are in direct breach of two counts of Fifa's disciplinary code and the governing body have now confirmed they will open an investigation.
A statement read: "The chairman of the Fifa disciplinary committee has decided to open disciplinary proceedings [against Argentina] based on an apparent breach of art. 60 of the Fifa stadium and security regulations (‘prevention of provocative and aggressive actions’) and art. 52 of the Fifa disciplinary code (‘team misconduct’).”
Argentina's FA will have the opportunity to explain their stance and provide any footage or material to support their case.
Alejandro Sabella's side open their World Cup 2014 campaign with a clash against Iran at the Estadio do Maracana on Sunday.