Canter beat fellow Englishman Dan Brown and Larrazabal in the play-off on Sunday after the Spaniard had looked on course to wrap up his 10th European tour triumph inside 72 holes.
But Larrazabal's three-putt bogey at the 18th gave Canter and Brown a second chance as the trio all finished on 14 under par.
Canter then took full advantage at the first extra hole, producing a shot of the week contender to set up a tap-in birdie and return to the winner's circle.
Canter, whose previous victory at this level came at the European Open last summer, said: "It feels great.
"I really had to hang in the first couple of rounds this week. I was scoring nicely, not great tee to green, just putting well.
"Last night I had a chat with my coach Mike Walker and he gave me a couple of ideas to improve my iron play. I hit the ball great today and putted terribly. It's just kind of how it goes.
"I'm so chuffed to have stuck in there. It's unfortunate what happened to Pablo but I'm absolutely delighted to have stuck in and got another win."
Canter made an eagle and a birdie in a flawless final-round 69, while Brown and Larrazabal shot 70s.
David Micheluzzi finished as the top Australian, tied for 49th position, at four under, after a 69, while Jason Scrivener ended up joint-55th after a final 73 left him at three under.
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