The Highlanders scored four tries in a frenetic opening half then defended stoutly after the break to deny the Jaguares a comeback win in Dunedin on Saturday.
James Lentjes, Matt Faddes, Sio Tomkinson and Liam Coltman scored the home side's tries under the roof at Forsyth Barr stadium as the Highlanders, minus injured co-captain Ben Smith, grabbed their third win in four matches to hold third place in the New Zealand conference behind the Crusaders and Hurricanes.
The Highlanders came back from 26-13 down at half-time with tries to lock Marcos Kremer and winger Ramiro Moyano, and flyhalf Joaquin Diaz Bonilla's conversion put them within five points with 15 minutes to play.
Although a string of penalties saw the Jaguares fall short, they picked up a bonus point to move to second in the tight South Africa conference, level with the table-topping Bulls and third-placed Sharks on points.