CCTV footage outside the Faena Hotel in Buenos Aires captured the moment the two British tourists were attacked. The father 50 and his son 28 were both shot during the robbery. The father died as a result of his injuries.
The gunmen shot the 50-year-old British tourist in the chest while his son suffered a thigh wound.
The Foreign Office said it was supporting the family of the two British men.
The attacked happened at about 11.00am local time (2pm GMT) on Saturday.
The video has been released by police in a bid to catch the attackers who fled the scene.
It shows the two British nationals resisting the attempt to steal their baggage and a fight breaking out.
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In the video, it appears that the 28-year-old man puts his hands up and stops fighting when he realises the men are armed.
The footage then shows the 50-year-old man falling to the floor and his son trying to help him.
A Foreign Office spokeswoman said: “We are supporting the family of two British men following an incident in Buenos Aires, and are in contact with the local authorities there.”
Buenos Aires is considered generally safe, but other foreigners have been targeted in the past.