Argentina hosted the competition at Luna Park in Buenos Aires, where ten nations participated in the event.

Argentina claimed the gold medal, by beating the United States 64–50 in the decisive game of the final round.

After winning the tournament, Argentinian fans celebrated by burning newspapers which became known as the "Night of the Torches".

[1] FIBA determined the requirements to qualify for the World Championship to be as follows: Prior to the Championship, South Korea withdrew due to logistical and financial difficulties in travelling to Argentina, while Uruguay withdrew after Argentinian immigration officials refused the team visas to enter the country.

Argentina won its first-ever World Cup, and Oscar Furlong was named the tournament's Most Valuable Player.