It looked as though the match would go all the way to penalties following an uneventful 90 minutes, but Miranda popped up in the third minute of stoppage time to seal the victory in the Superclasico mini-tournament.
The result makes it four wins from four for Brazil since the World Cup, while Argentina fall to their first defeat under caretaker manager Lionel Scaloni.
Brazil included Roberto Firmino and Gabriel Jesus in their starting XI together for the first time, leading the line for a star-studded side which also included the likes of Neymar, Philippe Coutinho and Alisson Becker.
Despite the talent on show, though, clear-cut chances were at a premium throughout the contest as an Argentina squad missing Lionel Messi, Sergio Aguero, Gonzalo Higuain and Angel Di Maria largely nullified the Brazilian threat.
There was a nervy moment for Liverpool goalkeeper Alisson midway through the first half when he was almost caught in possession inside his own area, but he got the ball away just in time to avoid Angel Correa's sliding challenge.
The standout moment of the opening 45 minutes fell the way of Brazil when Miranda collected Casemiro's cross inside the box before beating Sergio Romero with his finish, only to see Nicolas Otamendi make a crucial goalline clearance to keep the scores level.
Argentina responded quickly by coming close themselves through a Paulo Dybala free kick which rippled the side-netting, but the attacking highlights were few and far between and the two sides went into half time still goalless.
An early chance for La Albiceleste at the start of the second half hinted at more entertainment to come, with Lo Celso meeting Correa's cross from the right and forcing a routine save from Alisson.
That promise did not come to fruition, though, and a string of substitutions and yellow cards further disrupted the rhythm of an already disjointed match.
Leandro Paredes produced one dipping and swerving drive which flew wide with Alisson beaten, before Arthur almost provided the type of quality which had been sorely lacking with a well-struck volley from Neymar's free kick which was beaten away by Romero.
Brazil did come close with a couple of deflected efforts in the closing stages of the match, with Casemiro seeing one free kick take a nick off the wall and bounce narrowly wide before Richarlison's strike hit two Argentine defenders on its way past the post.
It looked as though an underwhelming contest was destined for penalties until the 93rd minute, when some non-existent marking saw Argentina throw the game away. Miranda did not have to move from his position inside the six-yard box as he was left unmarked, and Neymar's pinpoint delivery left the centre-back with a simple finish from close range.
There was no time for Argentina to respond as they fell to their first defeat with Scaloni at the helm, leaving Brazil still perfect since the World Cup and now having kept 23 clean sheets in their 30 matches under manager Tite.
BRAZIL (4-3-3): Alisson; Danilo (Fabinho 53'), Marquinhos, Miranda, Filipe Luis; Casemiro, Arthur, Coutinho; Neymar, Firmino, Jesus (Richarlison 65')
ARGENTINA (4-3-3): Romero; Saravia, Otamendi, Pezzella, Tagliafico (Acuna 82'); Paredes, Battaglia, Lo Celso (Salvio 73'); Dybala (Martinez 58'), Icardi (Simeone 88'), Correa (Pereyra 67')