In his later career, he challenged twice for light welterweight world titles, losing both times in famous fights against Aaron Pryor.

After his retirement from boxing, he became active in Nicaraguan politics and in November 2008 was elected mayor of his native Managua, the nation's capital city.

Eventually, Argüello earned a world featherweight championship bout against experienced WBA champion Ernesto Marcel.

Months after Marcel's retirement, the WBA featherweight title was won by former unified bantamweight champion Rubén Olivares.

Undaunted, Argüello put together another streak of wins and found himself contending for the WBA featherweight, this time against Olivares in the latter's first defense.

After a tense, close start, Argüello's relentless body-punching broke Kobayashi halfway through the fifth round, with the challenger dropping to the canvas twice.

After a successful fourth defense, Argüello moved up in weight to challenge world junior lightweight champion Alfredo Escalera in Bayamón, Puerto Rico, in what has been nicknamed The Bloody Battle of Bayamon by many.

In what some experts (including The Ring writers) consider one of the most brutal fights in history, Escalera had his eye, mouth and nose broken early but was rallying back in the scorecards when Argüello finished him, once again in the thirteenth round.

The on-site doctor wanted him hospitalized, but Argüello had a flight to catch from Rome the next day to return to Nicaragua, and he boarded a train from Rimini.

After eight successful title defenses, Argüello then moved up in weight again, and this time, he had to go to London, England, to challenge world lightweight champion Jim Watt.

Watt lasted fifteen rounds, but the judges gave Argüello a unanimous 15-round decision, thus making him only the sixth boxer to win world titles in three divisions and the second Latin American (after Wilfred Benítez had become the first by beating Maurice Hope one month before) to do it.

The Florida State Boxing Commission failed to administer a post-fight urinalysis, adding to speculation that the bottle contained an unsanctioned substance.

[7][8] Lewis claimed at various times that the bottle was filled with peppermint schnapps or Perrier to help Pryor deal with an upset stomach.

He retired for good in 1995 with a record of 82 wins, 8 losses, and 65 KOs, along with the recognition of being one of the sport's most universally respected fighters among fans, experts, and boxers.

[14] Argüello was actively involved in Nicaraguan politics with the Sandinista National Liberation Front (FSLN)--the same party against whom he took up arms in the 1980s—and in 2004 was elected vice-mayor of Managua.