[citation needed] Born and raised in Santa Marta, Colombia, Vargas is of Greek and Lebanese descent through her grandparents, and has Italian relatives.

Despite being the clear winner in two out of the three rounds, after the interview portion, it was Dayana Mendoza of Venezuela who went on to win the title of Miss Universe 2008 while Vargas ended up as 1st Runner-Up.

Colombia has reached the 1st Runner-Up in Miss Universe during three consecutive years: Paola Turbay in 1992, Paula Andrea Betancourt in 1993, and Carolina Gomez in 1994.

The show, a huge success in Colombia and other parts of South America, won Taliana a TVyNovelas Award for Favourite Actress in a Leading Role.

In 2017, she played Paola Salcedo, the wife of the Cali Cartel's security chief in the third season of the American series made by Netflix; Narcos.