Cinthia Fernández started the live routine with her partner lying down in togas, but the pair stripped off their clothes with pasties only covering Fernández's breasts.
Towards the end, her partner poured a jug of red wine over her breasts before he removed her G-string.
Bailando por un Sueño, which translates to "dancing for a dream", is now being investigated by the Federal Authority of Audiovisual Communications Services and could face penalties over the performance.
Fernández's parents were reportedly in the audience.
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Watch Fernández's controversial dance routine below (Warning: Not safe for work):