The Barcelona forward struck 37 seconds into the second period of extra time, arriving late to smash Nico Williams’ knockdown into the roof of the net with his left foot.
It was the breakthrough Spain had spent almost two hours chasing.
Luis de la Fuente’s side dominated possession and created almost every opening, but Emiliano Martínez produced save after save to keep Argentina alive.
The goalkeeper denied Lamine Yamal early before frustrating Alex Baena, Dani Olmo, Torres, Pedri, Pau Cubarsi and Aymeric Laporte. He then flew across goal to push Yamal’s stoppage-time free-kick wide and force extra time.
Argentina’s resistance was physical and foul-heavy. Alexis Mac Allister escaped an early booking for catching Olmo, while Lisandro Martínez and Leandro Paredes were later cautioned.
Enzo Fernández was booked for dissent in the 82nd minute before receiving a second yellow for clattering into Cubarsi during stoppage time.
Spain thought they had finally broken through in the 96th minute when Williams turned the ball home, but the goal was disallowed after Mikel Merino stepped on Nicolas Otamendi’s foot.
Merino then headed narrowly wide before Spain finally struck in the 106th minute. Pedro Porro delivered a deep cross, Williams headed it back across goal and Torres supplied the finish worthy of winning a World Cup.
Torres had another goal ruled out for offside in the 114th minute.
Argentina registered their first attempt moments later when Lionel Messi’s powerful strike hit Merino. Cubarsi then produced a vital block from Giuliano Simeone’s low cross before Simeone fired over from Messi’s corner.
Those late chances came too late to save Argentina’s crown or give Messi another fairytale ending.
Spain added the world title to their European crown and became the first nation to hold the men’s and women’s World Cups simultaneously.
From Johannesburg to New Jersey, Spain rule the world again.
Photo: IMAGN IMAGES via Reuters/Vincent Carchietta