After suffering a transmission fault on his Volkswagen Polo R WRC and seeing the gap to the leading Citroen mushroom to more than a minute, Latvala conceded he had to be sensible.
"I need points for the championship, that is sure," he told AUTOSPORT.
"With the gap bigger than a minute, it's tough.
"He will be hard to try to catch and if I try to make that time back then I have to take risks and I can't do that.
"I need to get to the finish."
Latvala is currently a distant sixth in the world championship, 62 points behind leader and VW team-mate Sebastien Ogier, following accidents on the previous two rounds in Sweden and Mexico.
Ogier retired from day one in Argentina on the first stage with a fuel supply problem.
He will rejoin for leg two, but in 34th position - nearly 35 minutes from the lead and 26 minutes from a points-scoring position.
VW team principal Jost Capito understood Latvala's desire for caution, but added that he expected the Finn to maintain pressure on the leader.
"The gap is still close to the time you lose with a puncture," said Capito, "so Jari-Matti has to keep his focus and drive to his rhythm.
"But if neither of them has trouble then I don't think it's possible for Jari-Matti to do this on pace alone.
"Kris deserves his lead, he has done a fantastic job."
Meeke heads a Citroen one-two, with his fellow DS 3 WRC driver Mads Ostberg his closest challenger, 1m08s behind.
"I'm not thinking about the win at all. I'm not," Meeke insisted on Friday night.
"A win is not what this rally's about for me, I'm thinking about the finish.
"Tomorrow, I will go out and do exactly what I have done today."
Follow day two of Rally Argentina as it happens with AUTOSPORT Race Centre Live from 1pm UK time on Saturday
LEADING RALLY ARGENTINA POSITIONS AFTER LEG ONE:
LEADING CHAMPIONSHIP STANDINGS BEFORE ARGENTINA:
- Volkswagen Polo R WRC
- Sebastien Ogier