Personal interpretation (spoilers)
Maybe what I'll say is obvious, but I think most of what takes place in the film is something dreamt by the girl who appears in the last few scenes. (Whether her name is actually Ingeborg, I'm not sure.) The characters in Argentina are all a reflection of different aspects of herself, of things that are going on in her life. The main character, Dinesen, is very controlling and insecure. He feels intimidated by the wilderness of the desert, of her daughter, of Zuloaga and the "cabeza de coco" (coconut head) gang, of the lusty soldier, etc. Therefore, he wants to control them, tame them, but he finds it's a tall order. Instead, the girl in the dream says she likes to the desert in, to fill her... She runs away with a man and later appears as what appeared to be a wiser, older version of her. I'm not a psychologist, but I'm guessing that such a dream might suggest that the girl is being too controlling, perhaps even too archetypically masculine, in her waking life. These dreams might be suggesting to her that she should go a little more with the flow and follow her instincts.
Any thoughts? I'd be interested in knowing how other people interpreted the film.