For 1992 Guerrero drove in a pair of races for the part-time team King Racing, first driving the No. 26 Quaker State Lola T91/00-Buick V6 at the Toyota Grand Prix of Long Beach on the Streets of Long Beach, starting 14th and finishing 13th. At the Indianapolis 500 King updated Guerrero to a Lola T92/00-Buick V6 and the number was changed to 36 (Jim Crawford began to drive the No. 26 car). During qualifying Guerrero set a new four-lap track record of 232.482 mph and a new one-lap record of 232.618 mph on the third lap. Guerrero qualified on pole position and became the first part-time driver to qualify on the pole since Pancho Carter in 1985. In the race Guerrero spun out and crashed on the backstretch during the second parade lap and did not even get to start the race, being credited with 33rd (last) place. Guerrero joined Cliff Woodbury in 1929 and Carter in 1985 as drivers who started first in the Indianapolis 500 and finished last; they were later joined by Greg Ray in 2000 and Scott Sharp in 2001. Guerrero finished 38th in the championship with 1 point.