The 38-year-old was with Arguello for almost four month, but decided to part ways this week, reported a website.
The two met while Longoria was producing her dating show 'Ready For Love'. Arguello was a bachelor on the program.
According to a source, there are chances that the couple will rekindle romance. "They're just on hold right now," said the source.
Pics: Prabhas, Tamannaah Bhatia at 'Baahubali 2' first look launch at MAMI
'Ae Dil Hai Mushkil' photos: Aishwarya, Anushka, Karan get candid at MAMI
Photos: Huma Qureshi, Neha Dhupia and other celebs at MAMI
Photos: Amy Jackson, Daisy Shah at Mumbai airport
Photos: Sridevi, Irrfan and other celebs at 'Mughal-e-Azam' screening