The side coached by Jorge Sampaoli prevailed on penalties when the nations clashed in the 2015 decider, but Gerardo Martino's men will be keen for revenge in the US
The draw took place in New York's Hammerstein Ballroom, in front of top Concacaf and Conmebol executive as well as several participating coaches.
And the two 2015 finalists were drawn alongside each other in the final group, alongside Bolivia and Panama. Argentina and Chile will kick off their group in Santa Clara, California, on June 6.
The last competitive fixture between the neighbouring nations finished a 0-0 draw, but Gonzalo Higuain's missed penalty helped the team then coached by Jorge Sampaoli to prevail in the shootout.
Hosts United States, meanwhile, face a daunting trip to the quarter-finals after being drawn in the 'Group of Death'.
2015 semi-finalists Paraguay, Jose Pekerman's Colombia and Costa Rica await the USMNT, while Brazil will be pleased with having drawn Peru, Haiti and Ecuador in Group C.