Carazo was considered to be a boxing reincarnation of Wilfredo Benitez or Wilfredo Gomez by many of his fans, and he won his first five professional bouts by knockout in 1984. By his sixth bout, however, he had to rise off the canvas against the future world champion Cesar Polanco of the Dominican Republic before winning on an eight round unanimous decision.
In 1986, Carazo started to campaign in Venezuela, where he won a few fights, including one versus Jesus Bastardo. Then, he had another fight in Puerto Rico, this time at Mario Morales Coliseum, and the fight was telecasted all across the island. In it, his opponent wore long pants, showed his tongue at the camera and tried to bite Carazo. Carazo nevertheless won by a knockout in six.
Carazo had a fight scheduled on Telemundo Puerto Rico in 1987 against a foreign opponent, in an undercard where Wilfredo Vazquez was supposed to face another opponent. Both of their opponents had visa trouble and at the last minute, the card's promoters decided that in order to save the card, they'd put Carazo, a Jr. Bantamweight, and Vazquez, a Bantamweight, against each other. Carazo suffered his first loss, by a knockout in the first round.
Carazo came back to beat former Flyweight world champion Santos Laciar by a decision in 12 at Caguas in 1988, and was given a chance to challenge the late Gilberto Roman for the WBC world]'s Jr. Bantamweight title in 1989, in the Los Angeles suburb of Inglewood, California. He was dropped in round four, but seconds after getting off, he dropped Roman near the ring's ropes. He was one second away from becoming a world champion, but Roman recovered, got up at the count of nine and proceeded to win by a unanimous 12 round decision.
On September 9 of that same year, a second world title opportunity came, when he faced the WBO world champion, the also late Jose Ruiz in San Juan. This time, he was knocked out in the first round, and, for all purposes, his boxing career was over after this.
Carazo then went to Chile in 1992, losing a decision to Chilean fighter Bernardo Mendoza. He and his team stayed in Chile longer to protest the decision, and during their time there, they went to the house of a former South American champion and took monetary help and toys for him and his family.
Carazo decided to retire after that, but in 1996, he tried a comeback in Mayaguez, Puerto Rico, losing by a knockout in four rounds to an unknown boxer.
Carazo also lost to former world champion Jose Quirino.
Carazo had a record of 25 wins and 9 losses, with 19 wins by knockout.