Agriculture provides food, fibre and energy, which have been the foundation for the development of all societies. Soil carbon plays an important role in providing essential ecosystem services. Historically, these have been viewed in terms of plant nutrient availability only, with agricultural management being driven to obtain maximum benefits of this soil function. However, recently, agricultural systems have been envisioned to provide a more complete set of ecosystem services, in a win-win situation, in addition to the products normally associated with agriculture. The expansion and growth of agricultural production in Brazil and Argentina brought about a significant loss of soil carbon stocks, and consequently the associated ecosystem services, such as flooding and erosion control, water filtration and storage. There are several examples of soil carbon management for multiple benefits in Brazil and Argentina, with new soil management techniques attempting to reverse this trend by increasing soil carbon (C) stocks. One example is zero tillage, which has the advantage of reducing CO2 emissions from the soil and thus preserving or augmenting C stocks. Crop rotations that include cover crops have been shown to sequester significant amounts of C, both in Brazilian subtropical regions as well as in the Argentinean Pampas. Associated benefits of zero tillage and cover crop rotations include flood and erosion control and improved water filtration and storage. Another positive example is the adoption of no-burning harvest in the vast sugarcane area in Brazil, which also contributes to reduced CO2 emissions, leaving crop residues on the soil surface and thus helping the conservation of essential plant nutrients and improving water storage.