Caraccio began his career in the youth ranks of Argentina club
Arsenal de Sarandí and played five games for the club's first team during the Clausura tournament in 2006. He also played one league game during the 2006 Apertura tournament and one game in the
Copa Sudamericana in 2007. On February 28, 2008, Caraccio signed with the
Houston Dynamo of
Major League Soccer. He played his first games for the Dynamo in the
2008 CONCACAF Champions' Cup and made his MLS debut in Houston's first match of the
2008 MLS season against the
New England Revolution on March 29, 2008. On April 6, 2008, Caraccio scored his first Dynamo goal on a header after a cross by left midfielder
Corey Ashe. He was waived by the Houston Dynamo on July 18, 2008. After an unsuccessful trial with
New York Red Bulls he signed with the
Primera B Nacional team
Club Atlético All Boys. On October 14, 2009, Franco was signed by
U.S. Foggia on the advice of the sporting director. He scored his first goal for Foggia with a game-winner in a match against
Delfino Pescara on May 23, 2010. He had appeared in a few fleeting appearances with the club, but his performance was crucial in this play-off victory being the last game of the season, giving the team an unexpected salvation. The joy, however, ended after the final whistle, when coming in the locker room, he received the bad news of the death of his father. In January 2011, Caraccio signed with the
C.A.I., where he would make five appearances in the
Primera B Nacional in Argentina. ==International career==