A well‐replicated decadal‐term (2005–2014) stomach content data set was analysed in order to infer inter‐annual fluctuations in the diet of the Argentine hake, Merluccius hubbsi, an opportunistic predator in the San Jorge Gulf (SJG) ecosystem in the Southwest Atlantic. Ten research cruises were carried out each year during January from 2005 to 2014. A total of 18,461 specimens of Me. hubbsi was analysed, of which 6,777 (36.71%) contained food in their stomachs. The diet of Me. hubbsi changed markedly from 2011 onwards, with much greater consumption of the lobster krill Munida gregaria compared to the years before 2011. The frequency of occurrence (%F) of Mu. gregaria in the stomach contents of Argentine hake increased from the year 2009 onwards, most noticeably since 2011, and mostly over the southern region of the SJG. The main predators of Mu. gregaria in the SJG are two species of teleost fish (pink cusk eel, Genypterus blacodes, Argentine seabass, Acanthistius brasilianus) and three Rajidae skates (Zearaja chilensis, Psammobatis spp. and Sympterygia bonapartii), which exhibited decreased catches in the years analysed. The increased consumption of Mu. gregaria by Me. hubbsi, coupled with decreased trends in abundance of the main predators of the lobster krill during the last decade, indicate that top‐down trophic dynamic control occurs in the SJG ecosystem.