 In 1990, Falcioni returned to Argentina to play for Gimnasia y Esgrima, and in 1991 he had short spells with Once Caldas in Colombia and with his first club Vélez Sársfield.Falcioni made one appearance for the Argentina national football team in 1989.Falcioni embarked on his managerial career in 1997 at the lower divisions of Vélez Sarsfield.