The total - the highest in women's and men's T20Is - eclipsed the 318-1 made by Bahrain's women against Saudi Arabia in March 2022.
Lucia Taylor hit 169 off 84 balls for Argentina as she made the highest individual score in women's T20Is.
Chile, who fielded seven debutants, were bowled out for 63 in reply.
The 364-run margin of defeat in the match played at the Maurice Runnacles Oval in the St Albans Club, was the heaviest in both women's and men's cricket.
Taylor, whose previous top score in T20Is was 29, hit 27 fours as she shared a first-wicket stand of 350 with Albertina Galan (145 not out) - also a record for any partnership in both men's and women's T20Is.
Chile's Florencia Martinez bowled 17 no balls as her one over cost 52 runs. Jessica Miranda top scored for Chile with 27 and claimed the wicket of Taylor to finish with 1-64 from her four overs.
Argentina are currently 66th in the International Cricket Council's rankings while Chile - who were playing a T20 for the first time since 2019 - have not played sufficient fixtures to have a ranking.
Last month, Nepali as they beat Mongolia at the Asian Games in China.
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