Rodrigo Sebastián Palacio (born 5 February 1982 in Bahía Blanca, Buenos Aires) is an Argentine footballer who is the son of José Ramón Palacio, a historic player of Olimpo de Bahia Blanca during the 1980s. Of Spanish descent, Palacio holds a Spanish passport, allowing him to be counted as an EU player.

Early career
Whilst still a boy, Palacio started playing in local Bella Vista de Bahía Blanca and then moved to Huracán de Tres Arroyos in 2002, but he would debut professionally shortly thereafter with Banfield, who had been promoted to Argentina's Primera División after winning the 2000–01 Second Division, in mid-2003. In early 2004, Palacio underwent a 15-day trial for Real Betis in Spain. He eventually met the expectations of the club and was asked to return in June that same year. Palacio, however, continued with his contract at Banfield and did not sign for the Seville club. Palacio was a part of Banfield with his future Boca Juniors team mates; Jesús Dátolo and Gabriel Paletta.

Boca Juniors
In the summer of 2005, Palacio transferred to Boca Juniors. Palacio managed to make his impact in the second half of 2005. The year 2007 proved to be his most successful year at the club. In December, Palacio participated in the 2007 FIFA Club World Cup. On 16 December, he would score an equalizer to make the scores 1–1 against A.C. Milan. Palacio then took out the trophy of the Bronze Ball of the tournament, being ranked as the third best player behind Milan players Clarence Seedorf and Kaká, respectively. Palacio's performance in the 2008 Copa Libertadores helped Boca from being knocked out in the group stage by scoring twice against Mexico's Atlas in a 3–0 home victory and the third goal in Boca's dramatic 4–3 win against Chile's Colo-Colo.

Genoa
On 17 July 2009, Palacio signed a four-year contract with Genoa for €2.81 million to replace Diego Milito and help out his fellow Argentine Hernán Crespo. Alongside Crespo, Palacio had joined another Argentine, Luciano Figueroa, who had been on loan with him at Boca Juniors throughout 2008. During his first few months, Palacio would miss out on two matches after suffering a small ankle injury. On 5 November, Palacio scored his first goal with Genoa in a 3–2 victory over Lille OSC in the 2009–10 UEFA Europa League competition.

Inter Milan
On 22 May 2012, Genoa President Enrico Preziosi confirmed that Palacio would become an Inter Milan player for the 2012–13 season. He debuted in a Europa League qualification match against Croatian side Hajduk Split. Palacio scored his first Inter goals with a brace in a friendly against CA Bizertin on August 18, 2012.