The race, which took 53 minutes to complete, took place in just six knots of wind, and by close fo business Owens/Lawton had racked up a lead of 47 seconds over the Spanish crew in seconds, with the French back in third. The French crew lead overall, with the Spaniards in second.
The Irish pair were led to the windward mark by the Argentinian team, but sailed past them on the top reach of an outer loop trapezoid course.
With every effort made to reduce their own combined weight and maximize the weight placement in their boat, Owens and Lawton pressed home their advantage on each downwind leg to gain further separation from the chasing pack and stay clear.
They add their first to a 22nd in the first race, held in slightly stronger 10-knot airs, with everything still to play for.
"It is really, really close," Lawton told Afloat.ie. "One mistake and you are out of the top ten and down the swanny."
Clearly delighted with the win, Lawton said that he and Owens were "Trying not to get carried away as it is so tight."
Their racing continues tomorrow. Meanwhile, Finn sailor Tim Goodbody is lying in 21st position after a string of mid- to low-teen results. Goodbody is earmarked as a prospect for the 2012 games, and will aim to reel in the top ten as the week progresses. After an inauspicious start, Finn favourite Ben Ainslie (full name Charles Benedict Ainslie) posted three wins to leapfrog American sailor Zach Railey into first position, but still has two tenth place results putting the pressure on him.
Tomorrow sees flag-bearer Ciara Peelo go into action for the first time in the Laser Radial class, with the 470s having two more races. The Finns have a lay day, and the Star class begins on Saturday, just as the 470 event draws to a close.
Click here for the Olympic results centre
