Carrion joins Thomas Bach, Ng Ser Miang and Ching-kuo Wu, who has yet to officially declare his intention to stand, in the race to succeed Jacques Rogge as president of the Lausanne-based International Olympic Committee in September's election in Buenos Aires.
In contrast to his rivals for one of the most influential jobs in sport, the 60-year-old businessman has no sporting credentials.
Born in San Juan, he is chairman of a financial holding company.
Since 2002, he has chaired the IOC's Finance Commission and in that capacity has overseen negotiations for the Olympic Games' television rights.
An IOC member since 1990, Carrion said the stakes were high in September's election.
"Our standing in the world is not assured," Carrion said.
"We need a leader who knows not only how to welcome the changes ahead but also how to make them work within the IOC and in the Olympic movement," he said.
"We have to embrace an ever changing reality, continue to innovate and evolve or risk becoming less relevant to this generation or future generations."