Private First Class Aguayo was a member of Company L, 3rd Battalion, 223rd Infantry Regiment, 40th Infantry Division. On 5 April 1952 near Kumhwa, North Korea, as he prepared to bury the body of a Chinese soldier, a nearby Chinese grenade exploded killing him.

PFC Aguayo was awarded the Combat Infantryman's Badge, the Korean Service Medal, the United Nations Service Medal, the National Defense Service Medal, the Korean Presidential Unit Citation and the Republic of Korea War Service Medal.