The Peruvian government announced today that Argentina has accepted the peace plan proposed by President Fernando Belaunde Terry to end the fighting in the South Atlantic. But it said Britain conditioned its response on an Argentine pullout from the Falklands as demanded by the U.N. Security Council.

[In Buenos Aires, Foreign Ministry officials cautioned that the Peruvian plan was unlikely to result in a quick end to the ongoing fighting, correspondent Jackson Diehl reported. Argentina had agreed, they said, only to a cease-fire and to negotiate a settlement. Britain has refused to any cease-fire that does not involve a withdrawal by Argentina.]

According to the Peruvian official news service Andina, Argentina's acceptance came in a call last night from President Leopoldo Galtieri.

Belaunde said the peace initiative consisted of three points: that the contending forces arrange a cease-fire, mutually withdraw their forces from the zone and allow a neutral administration to take control of the islands for six to 12 months, during which time U.N. Secretary General Javier Perez de Cuellar would continue his mediation efforts.

A government official said yesterday that Britain had sent its response to the latest Belaunde initiative, his third in less than a month.