Playing great defense and displaying intelligent play on the offensive end, Nestor "Che" Garcia's team finished the night proudly and loudly shouting "Champions".
Venezuela looked out of ideas offensively but a three-pointer by Windi Graterol beat the first quarter buzzer to cut the deficit to 20-13.
The Venezuelans continued to claw back in the second quarter, getting within 20-19 thanks to strong defense. A pair of free-throws by David Cubillan gave them their first lead of the night, 30-28, to end the first half.
Garcia's men carried over that same intensity into the second half as they went up 34-28. Argentina were suffering against their opponents' stifling zone defense, scoring just eight points in a 14-minute stretch.
Venezuela's found success thanks to patient ball movement, while Andres Nocioni and Nicola Laprovittola kept Argentina in the game as Sergio Hernandez's men took a 52-49 lead into the fourth quarter.
Nestor Colmenares' return in the final frame was decisive as Venezuela reclaimed the lead in the first three minutes of the period. A good defensive effort on Scola and four consecutive points saw the Venezuelans go up by three, 57-54.
Selem Safar converted a four-point play to edge Argentina back in front, 58-57, but Venezuela did not lose their composure and instead stepped up the defensive intensity, scoring six unanswered points to pull away, 63-58.
Argentina's fighting spirit allowed them to get within two with 10 seconds left to play, but a pair of free throws by Dwight Lewis sealed the game and the win for the Venezuela, who wrote a new chapter in the country's basketball history.
In the Third-Place Game, Cory Joseph hit a shot at the buzzer to give Canada an 87-86 win over tournament hosts Mexico. Click here for the full game report.
Scola, who led all players in scoring (21.1 points) and ranked second in rebounding (10.1 rebounds), was named the tournament's Most Valuable Player, presented by Tissot.
Argentina's forward headlined the All-Star Five which also consisted of Heissler Guillent (Venezuela), Andrew Wiggins (Canada), Nocioni (Argentina) and Gustavo Ayon (Mexico).
2015 FIBA Americas Championship Final Standings:
5. Puerto Rico
6. Dominican Republic
By virtue of reaching the Final, Venezuela and Argentina qualified for the 2016 Rio Games, while Canada, Mexico and Puerto Rico booked places in the 2016 FIBA Olympic Qualifying Tournaments (OQTs).