The 25-year-old defied the odds by beating four higher ranked players to get to the final and claim Norway's first ever Olympic fencing medal.
But the final proved a bridge too far for the young Norwegian, with the contest decided in a rewarding second period for the South American when he claimed 8 points to Piasecki's three, thereby extending his lead to 12-6.
Limardo came within a whisker of winning the contest early in the final period, claiming two points to take him within one of victory only for the Norwegian to strike back. Piasecki battled his way back into the contest by winning four straight points but the Venezuelan managed to land the decisive blow.
Piasecki was however more than happy with his unexpected silver medal, defying his ranking of 23 out of the 25 fencers taking part.
"I am incredibly proud. This shouldn't have been possible. Silver is like gold," Bartosz Piasecki said after the final.
The 25-year-old beat Gauthier Grumier (France), Geza Imre (Hungary), Yannick Borel (France) and Jung Jin-sun (South Korea) on his way to the final,