Argaña ran another bid for the Colorado ticket in the 1997 primaries, where he faced another strong contender: Lino Oviedo, a general who participated in the 1989 coup d'état that overthrew Stroessner from power, and later staged a failed coup attempt of his own in 1996. Argaña and Oviedo faced off in what was described by Paraguayan newspaper "Última Hora" as "the most energetic and exalted electoral campaign" of the Colorado Party. Argaña had the support of President Wasmosy, but still could not defeat Oviedo. However, soon after his victory, Oviedo was disqualified as a candidate after being found guilty and sentenced to jail for the unsuccessful 1996 coup attempt. Oviedo's running mate, Raul Cubas Grau, assumed the presidential nomination, and the Colorado Party formed an emergency ticket enlisting the rival of Oviedo, Argaña, to fill the position of candidate for Vice President. With a campaign slogan "Cubas al poder, Oviedo en libertad" ("Cubas to power, Oviedo in freedom"), they obtained in 1998 the victory with the highest percentage of votes since the end of Stroessner's tenure (and the only outright majority win) with 55% of votes over Domingo Laíno.