To add to your list (me, I'm just as wild about Borges, and mustn't neglect his collaboration with Bioy Casares, and Cortázar's Rayuela/Hopscotch is

, but I'm milder on Arlt myself):
Ernesto Sábato:
On Heroes and Tombs: The definitive Buenos Aires novel

he takes up half the posts in
Forgotten & Obscure Gems
The Tunnel (? - highly regarded, but I cannot get Englished)
good in the short story department too
César Aira:
My Life as a Nun [appended as last item at link]

+
An Incident in the Life of a Landscape Painter 
unmatched novellas
Juan José Saer:
The Witness 
still looking for more SerpentsTail releases by him
Manuel Puig:
haven't read anything by him yet, but
An Eternal Curse on the Reader of these Pages awaits on the shelf. I hear he went Hollywood