Baldonedo started his professional playing career with Huracán in 1935, he played for the club until 1944 scoring 165 goals in 257 league games. He is remembered as one of the most important strikers in the history of the club.
Baldonedo joined Newell's Old Boys in 1945, but he only played 5 games for the club before moving to Mexico where he played for Monterrey and Puebla before retiring in 1947.