The three escaped from a maximum-security prison almost two weeks ago.
President Mauricio Macri’s office initially said they are been captured north-west of Buenos Aires, but police later said that two remained at large.
The latest twist is a major embarrassment to the new president, correspondents say.
The police manhunt – shown on live television – has gripped Argentina.
Police say the man they captured, Martin Lanatta, was caught after the car the men were traveling in rolled over in the chase in Santa Fe province, about 300 miles from Buenos Aires.
The other two escaped on foot.
Victor Schillaci and brothers Christian and Martin Lanatta were serving life in prison for kidnapping and murdering three men allegedly connected to a drug trafficking ring.
President Mauricio Macri – a conservative who replaced Cristina Fernandez de Kirchner after December elections – had accused the previous administration of not doing enough to crack down on drug crime.
Last month the three men escaped from one of the country’s most secure prisons using a fake gun to threaten one of the guards.
Martin Lanatta had leapt into the political limelight in 2015 when he accused the presidential chief of staff, Anibal Fernandez, of complicity in the killings.
Cristina Fernandez de Kirchner denied the accusation but it damaged his campaign last October to become the new governor of Buenos Aires province.
The winning candidate, María Eugenia Vidal, dismissed the intrigue and said the jail-break had been an inside job.
María Eugenia Vidal sacked the head of the prison service.
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