Depending on the seriousness of the damage to his knee, the 25-year-old may also miss the beginning of West Ham United's 2018-19 Premier League campaign.
Lanzini was expected to start Argentina's opening Russia 2018 fixture against Iceland next week after forcing his way into manager Jorge Sampaoli's plans.
However, a statement on La Albiceleste's Twitter page on Friday revealed that the West Ham ace - touted as a target for Liverpool this summer - will no longer be part of the 23-man squad.
"Manuel Lanzini suffered, in today's morning training, the rupture of the anterior cruciate ligament of his right knee," the translated statement read.
[PARTE MÉDICO] Manuel Lanzini sufrió, en el entrenamiento matutino de hoy, la rotura del ligamento cruzado anterior de su rodilla derecha. pic.twitter.com/lmYEVr5YaV— Selección Argentina (@Argentina) June 8, 2018