Aguiar started his career with Liverpool FC Montevideo in Uruguay. After an impressive season, he transferred to F.C. Porto of Portugal but, after only two months with the side, not being able to reach the first team, he was loaned out, during that season, to C.F. Estrela da Amadora and Académica de Coimbra.
On 11 April 2008, Aguiar scored in a 3–0 surprise victory for the "students" against S.L. Benfica. His very first goal in the Portuguese first division proved crucial for the Coimbra outfit, which finally narrowly avoided relegation, as 12th.
In July 2008, Aguiar remained in Portugal, signing with rising club Sporting de Braga. He was essential in helping the Minho side win 11 of its first 15 official matches, netting on five occasions. On October 23, 2008, Aguiar scored from a free kick in another 3–0 surprising win, this time against England's Portsmouth, in the season's UEFA Cup.
After having been essential in Braga's qualification for the Europa League, Aguiar moved to FC Dynamo Moscow in Russia, for €2.5 millions. However, only a few months afterwards, he returned to then league leaders – eventually second – Braga, on loan until June, eventually surpassing Hugo Viana in the club's pecking order at central midfielder. He returned to Dynamo after his loan expired, only to re-sign with the Portuguese the following month, in the same predicament.
Aguiar started 2010–11 again in the starting XI, still under manager Domingos Paciência. However, he would ironically lose his place to Viana, and left the club in late January 2011, returning to his country after a lengthy absence and joining C.A. Peñarol, still owned by Dynamo Moscow.
On 5 July 2011, Aguiar was sold by Dynamo Moscow to Sporting Clube de Portugal, signing a four-year contract with the Lisbon club, and reuniting with former Braga boss Paciência. However, in late September, without having made any official appearances, he returned to Peñarol, again on loan.
On 27 July 2012, Aguiar moved to Argentine Primera División side San Lorenzo de Almagro on a two-year deal.
Read more about this topic: Luis Aguiar
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