The recently returned Edinburgh player will win his 87th cap at full back and will be joined in the side to face the team that finished third in last year's Rugby World Cup by three new caps.
Centre Ben Cairns, wing Thom Evans and lock Matt Mustchin will all earn their first caps as the Scots aim to take revenge over Argentina for beating them in the 2007 RWC quarter-finals.
While Paterson could become Scotland's most capped player on his own in next week's second Test, he will have two other Scottish rugby landmarks in his sights.
The 30-year-old is just two tries short of reaching the 24 scored by Ian Smith and Tony Stanger and is only 11 points short of 1993 British & Irish Lions skipper Gavin Hasting's record 667 for his country.
"There are a lot of clichés in sport, but this really is just another game, a number. It's another Test in which I want to do my best," said Paterson, who has a run of 33 successive successful goal kicks at international level.
"I'm not resting on my laurels. The reason I've reached this number of caps is because I've always wanted to get better."
Scotland coach Frank Hadden has picked 10 players from the side that faced Italy in Rome in March and has recalled Glasgow's Johnnie Beattie at No 8.
"I've been discussing this selection on and off for the best part of two months with Sean Lineen, Andy Robinson and Alan Tait," admitted Hadden.
"Once it became clear who was available and who was unavailable we looked at how we were going to have to play and we're confident we have picked a side to do what we need to do in such an important game this weekend.
"I've been tracking Ben Cairns since he was 17 as he looked like a future outside centre. He is very mature both on and off the field and has the ability to play his role so it brings out the best of those around about him.
"I spoke to Thom before the World Cup and told him that his whole season should be geared to getting on the plane to Argentina. He thoroughly deserves this opportunity as he's a very exciting talent.
"Matt is abrasive and combative - the sort of qualities that will be ideally suited to the forward battle with the Pumas this weekend."
Scoltand: Chris Paterson (Edinburgh); Simon Danielli (Ulster), Ben Cairns (Edinburgh), Graeme Morrison (Glasgow Warriors), Thom Evans (Glasgow Warriors); Dan Parks (Glasgow Warriors), Mike Blair (Edinburgh, captain); Allan Jacobsen (Edinburgh), Ross Ford (Edinburgh), Euan Murray (Northampton Saints), Matt Mustchin (Edinburgh), Scott MacLeod (Llanelli Scarlets), Alasdair Strokosch (Gloucester), Johnnie Beattie (Glasgow Warriors), Allister Hogg (Edinburgh).
Replacements: Dougie Hall (Glasgow Warriors), Alasdair Dickinson (Gloucester), Alastair Kellock (Glasgow Warriors), Kelly Brown (Glasgow Warriors), Rory Lawson (Gloucester), Phil Godman (Edinburgh), Simon Webster (Edinburgh)