The rout is the Argentines' worst-ever World Cup qualifying defeat.
And coach Diego Maradona revealed: "Every goal Bolivia was like a knife going into my heart."
A Bolivian TV company offered their team £700 a goal and Joaquin Botero cashed in with three.
Argentina played the last 26 minutes with 10 men when Angel Di Maria saw red with the score at 4-1.
Most of the Argy squad had never played in the Bolivian capital La Paz, which is 3,600 metres above sea level - and they arrived just two hours before kick-off.
Maradona added: "They were better than us in every area of the pitch.
"They scored every time they got near the goal. What hurt most was the way we let them make so many chances to score."