Alfaro Moreno started his career in 1983 with Club Atlético Platense, in 1988 he moved to Club Atlético Independiente where he played an important part in their championship winning campaign in 1988-1989. He was awarded the 1989 Player of the Year of Argentina.
Between 1989 and 1991 he played 11 games for the Argentina national team scoring 2 goals.
In 1991 Alfaro Moreno moved to Spain to play for Espanyol his time with the club was unsuccessful and he moved to Palamós also of Spain.
In 1993 he returned to Independiente, before moving on to join Barcelona Sporting Club in Ecuador. Alfaro Moreno helped the club to win the Ecuadorian championship in 1995 and in 1997. Part way through the 1997 season Alfaro Moreno was sold to Mexican team Club América, he then had a spell with Atlante before returning to Barcelona.
In 2000 Alfaro Moreno returned to Argentina to play for Ferro Carril Oeste but he only stayed for the Apertura 2000 tournament before returning to Barcelona for a third spell with the club before his retirement in 2002.
After retirement Alfaro Moreno has gone into coaching and youth development, running his own soccer school in Guayaquil called the Academia de Fútbol Alfaro Moreno.