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Paredes, making his debut for the national team, grabbed his first international goal to celebrate - curling home from 20 yards with just over 10 minutes remaining.
Giallorossi teammate Fazio had scored earlier in the game, ensuring his own return to international action after a three-year wait was made extra special as he turned home from a corner to give his side the lead.
The game was new coach Jorge Sampaoli's second game in charge, with Fazio starting as part of an unusual-looking two-man defence.
Paredes made his international debut midway through the second half, coming on for West Ham United's Manuel Lanzini.
Atalanta's Papu Gomez and Paris Saint-Germain's Angel Di Maria were among the other players to get on the scoresheet during the game in Singapore, which came after the Albiceleste beat Brazil 1-0 in Australia last week.
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