This pre-dates the "Cambrian explosion" when life diversified into a myriad different forms.
Scientists believe the slug-like creature grazed through sediments at the bottom of a shallow sea.
The team, led by Dr Ernesto Pecoits from the University of Alberta in Canada, wrote in the journal Science: "It appears as though a maximum interval of 50 million years exists between the earliest definitive evidence of sponges and the bilaterians found in the Tacuari Formation, which implies that early animal evolution took place on a geologically rapid time scale once environmental conditions proved favourable for higher forms of life to colonise the ocean realm."
Prior to the new discovery the oldest evidence of bilaterian animal life, found in Russia, dated back 555 million years.