Robredo, who won the Brazilian Open last week, came through a match that lasted nearly three hours and was interrupted by rain. The encounter was played under threatening clouds on a slow clay court, drenched by a heavy overnight downpour.
In a close first set, Monaco was on the attack and shone at the net, while Robredo had solid returns, playing on his rival's errors with long rallies.
Robredo seemed to be gathering steam as Monaco struggled to hold his service and the Spaniard finally made a break to lead 6-5, winning the set on service.
As Monaco took a 1-0 lead on his service in the second set, heavy rain caused a 1 hour, 40 minute suspension.
When play resumed, Robredo put too many shots over the baseline and was broken to love in the fourth game to trail 1-3, before Monaco went on to take the set.
Monaco dominated the start of the third set, especially at the net, while Robredo lost precision and many of his shots went out of court.
Monaco, the 2007 champion in Buenos Aires, accelerated into a 3-0 lead before Robredo rallied with some solid shots on the lines.
Both players were close to grasping victory in the tense final games and it went to a tiebreaker as rain threatened again.
Robredo lost a 6-2 lead before finally winning the tiebreaker 7-5.
Delighted with his second consecutive title, the Spaniard said: "I hope to continue the streak in Acapulco next week.''
High winds had whipped the ball around Saturday, while blistering heat had withered players during the week.
"It's been a difficult tournament with changing conditions all the time,'' Robredo said. He joked: "It's the first time I've finished (the tournament) with my shoes full of water.''
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