Balbuena is a product of the Arsenal de Sarandí academy.[3][4][5] The left midfielder was initially promoted to Sergio Rondina's first-team midway through 2019, though suffered a serious leg injury in August.[6] He returned to the first-team ahead of the 2020–21 campaign.[7][8] After being an unused substitute for a Copa de la Liga Profesional home loss to Atlético Tucumán on 8 November, Balbuena's senior debut arrived a week later in a defeat to Racing Club; he replaced Nicolás Castro after sixty-seven minutes.[2][9]