Born in Lozada, Province of Córdoba, Carabajal played youth and amateur football for local side Club Atlético Central Río Segundo and Club Mitre de Pérez[3] before receiving an offer from Colombian Categoría Primera B side Patriotas in 2009. He made his senior debut for the club during the season, and scored his first senior goal on 25 March of that year, netting through a penalty in a 3–2 away loss against Atlético Bucaramanga.[4]
Upon returning to Argentina, Carabajal remained four months without a club[5] before going on a trial period at Talleres.[6] He was unable to play for a period, after having troubles with his documentation, and only made his debut for the side on 4 September 2011, in a 3–1 home win over Sportivo Belgrano.[6][5] He scored his first goal for the side three days later, in a Copa Argentina 4–1 home success over General Paz Juniors.[7]
Carabajal scored his first league goal for Talleres on 11 March 2012, netting his team's second in a 4–1 home routing of Douglas Haig.[8] He was a regular starter in the club's promotion campaign to the Primera B Nacional, being close to a move to Godoy Cruz in July 2013.[9]
On 3 January 2016, Carabajal moved to Godoy Cruz in the Argentine Primera División on loan for 18 months.[12] He started his career at the club by scoring twice in seven appearances, before being sidelined for two months due to an injury.[13]
On 4 August 2016, Carabajal signed for the club permanently after Fernando Godoy moved in the opposite direction.[14]
On 22 June 2018, Carabajal signed for Patronato, also in the first division.[16] He scored a career-best six goals for the side during the season, as the club avoided relegation.
On 17 February 2021, after just five matches in the previous campaign, Carabajal joined Argentinos Juniors on loan until December.[18] A regular starter, he was bought outright by the club on 19 December, for a US$ 500,000 fee.[19]
On 12 August 2022, Carabajal was announced at Campeonato Brasileiro Série A side Santos, signing a four-year contract,[20] for a rumoured fee of US$ 1.5 million.[21] He made his debut for the club ten days later, starting in a 1–0 home win over São Paulo.[22]
Carabajal scored his first goal for the club on 25 October 2022, netting his side's second in a 3–2 away loss against Flamengo.[23]
On 20 April 2023, Carabajal was loaned to Vasco da Gama until the end of the year, with a buyout clause.[24] On 25 August, after just six appearances for the club, his loan was cut short and he moved to Liga MX side Puebla also in a temporary deal.[25]
^ ab"Carabajal, el primer trabajador" [Carabajal, the first one hitting the ground] (in Spanish). Albiazul. 6 September 2011. Retrieved 12 August 2022.
^"Fue un paseo" [It was a routing]. La Mañana de Córdoba (in Spanish). Albiazul. 8 September 2011. Retrieved 12 August 2022.
^"Carabajal no se va nada de Talleres" [Carabajal will not move from Talleres]. Día a Día (in Spanish). Albiazul. 17 July 2013. Retrieved 12 August 2022.
^"Vasco anuncia a saída de Carabajal" [Vasco turn official the departure of Carabajal] (in Brazilian Portuguese). ge. 25 August 2023. Retrieved 25 August 2023.
