After retirement, Caruso Lombardi took up coaching, initially in lower league teams. In the 1995–96 season, he won the Primera B Metropolitana (third division) with Sportivo Italiano, and in the 2004–05 he won it again with Tigre.
On 24 February 2009, Caruso Lombardi became Racing Club's head coach, signing a two year contract. He helped Racing avoid relegation in his first season; however, he resigned on October 2009, after coaching 11 games without a win in the Apertura tournament. After three years, on 17 December 2009, the coach returned to Tigre, replacing Diego Cagna.
Caruso Lombardi has a preference towards using physically tall footballers on all the positions of the field. In 2010, while coaching Tigre, he was accused by one of his players (Juan Camilo Angulo) of requesting a bribe to put him on the first team. The coach denied the truth of the accusations.
On 8 March 2011, Caruso Lombardi was appointed as head coach of Quilmes, with the club languishing at the bottom of the table and fighting relegation. It is expected that he would remain in that role until his contract expired in June 2012. After a successful spell at Quilmes, during the night of 3 April of the next season, he signed a contract with San Lorenzo de Almagro, replacing Leonardo Madelón in the charge, after their bad results.