The banner, which read 'Las Malvinas son Argentinas' (The Falklands are Argentinian), was displayed by the country's players ahead of a friendly fixture with Slovenia prior to the FIFA World Cup.
The global governing body takes a dim view of political statements made at sanctioned fixtures, and have now confirmed that they will take action.
A statement read: "FIFA can confirm that disciplinary proceedings have been opened against the Argentina Football Association relating to an incident that occurred at the friendly match between Argentina and Slovenia on 7 June in La Plata, Argentina.
"Prior to the match, members of the Argentinian national team held a banner stating Las Malvinas son Argentinas (the Malvinas are Argentinian).
"The chairman of the FIFA Disciplinary Committee has decided to open disciplinary proceedings based on an apparent breach of art. 60 of the FIFA Stadium and Security Regulations ("Prevention of provocative and aggressive actions") and art. 52 of the FIFA Disciplinary Code (“Team Misconduct”).
"The Argentina FA has been invited to provide its position to the FIFA Disciplinary Committee, together with any documentary evidence it might deem appropriate."
