This study assesses the intensity, spatial distribution and temporal variability of extreme precipitation events (EPEs) on different time scales relevant to agriculture and water resources during the 1901–2016 period over Argentina's Austral Chaco (ACh). EPEs were identified using a nonparametric approach for the Standardized Precipitation Index (SPI). The leading modes of SPI's variability were detected using the Singular Spectrum Analysis. We also compile and control the quality of precipitation observations in a scarcely monitored region. The limited number of stations conditions the interpolation of the GPCC v2018 database here used, mainly during the early twentieth century. The EPEs characterized by SPI at a 24‐month time scale, which favour long‐lasting water excesses or deficits with hydrological impacts, underwent two differentiated long‐term periods: a dry one before 1960 and a wet one from 1960 to 2005. Consistently, seasonal wet EPEs were more frequent during the wet period while seasonal droughts were more frequent and with larger spatial extent during the dry period. Seasonal EPEs, represented by the SPI at 3‐month time scale, can impact agriculture during the crops' critical growth period. Since 2006, the long‐term wetting trend has been reversed. If this behaviour continues into the coming decades, more droughts and less wetness might be expected. The EPEs present a large interannual variability with 6.3‐ and 9‐year significant cycles that, combined with long‐term trends, favoured extremely wet/dry EPEs. Most of the wet/dry EPEs occurred during El Niño/La Niña events. Although this relationship is not straightforward, we found a discriminant ENSO signal between October of the year when an ENSO event starts and February of the next year. Finally, severely dry/wet EPEs tend to have large spatial extent in the ACh region. The central‐eastern ACh region experiences the most extreme wet and dry conditions, which makes this area more prone to extreme EPEs.