Segundo Tevez was reportedly carjacked by a group of men in Moron, west of Argentina's capital city.
Argentinean police said the men made calls demanding a ransom for the victim but lawyer Gustavo Galasso confirmed the Juventus striker's father had been freed and was "in good shape" after the ordeal.
Galasso did not confirm whether a ransom fee was paid to grant the elder Tevez his release, though media outlets in Argentina reported a six-figure sum had been agreed.
Earlier on Tuesday, Juventus announced Tevez would miss Wednesday's pre-season fixture with Cesena due to family reasons and granted permission for the Argentinean forward to travel to South America.
This is not the first time a professional footballer has been affected by kidnapping in Argentina.
The brother of former Argentina international Juan Roman Riquelme was kidnapped in 2002 and he was eventually freed after a ransom fee was reportedly paid.