A numerical simulation was performed to investigate the effect of transverse magnetic fields on low pressure argon plasma. Discovering the variations in electric field, electric potential, power consumption in plasma, and dominant physical mechanisms after application of magnetic fields is the main output of this analysis. A simulation was performed using the finite element method. A 2-fluid model equipped with chemical reaction equations in argon plasma, heat transfer equation, and Poisson's equation was used to describe the plasma behavior. Two disk-shaped electrodes separated by 12 mm from each other were considered as a plasma chamber and an external transverse magnetic field applied. Simulation results show an upset in the electric field after application of a magnetic field. This perturbation is because of the change in particle velocities due to the magnetic field. Changes in electric potential distribution, power loss, and heat transfer procedure are the events described in this paper.