The 20-year-old Matera was cited for foul play after accusations by Springbok flanker Francois Louw following South Africa's 22-17 win in the Rugby Championship game in Mendoza.
"The judicial officer was not satisfied on the balance of probabilities that there was contact with the eyes or eye gouging such as to constitute a breach of the laws of the game of rugby," SANZAR said in a statement on Thursday.
South Africa also accused Argentine lose forward Leonardo Senatore of allegedly sinking his teeth into the arm of lock Eban Etzebeth during Saturday's feisty clash.
Senatore's hearing was also due to be held on Thursday but the outcome not yet announced by the controlling body for rugby in the southern hemisphere.
The International Rugby Board's minimum ban for players found guilty of biting is 12 weeks, with a maximum sanction of four years.
(Reporting by Mark Gleeson; Editing by Ed Osmond)
