Toledano began racing in karting and demonstrated early ability: in 2003, competing in the 100cc class, he finished second — beating, among others, a future Formula One World Champion in Sergio Pérez. He won the class championship the following year. His transition to single-seater racing came in 2005 with a debut in Formula Renault Campus, finishing tenth overall.
In 2006 he switched to the Panam GP Series, finishing thirteenth, and also contested three of the five rounds of the International Formula Challenge, achieving a seventh place in the championship.
The 2007 Panam GP season brought a marked improvement, with Toledano scoring two victories and rising to third in the championship. That autumn, however, his career was halted by a serious accident during a pre-season test for A1 Team Mexico at Ponce, Puerto Rico. Entering a blind corner at high speed, he suffered brake failure and struck another car that had stopped following an earlier incident. The collision resulted in multiple fractures to both legs.
Eighteen surgeries and ten months of immobility followed. The A1GP Mexico team dedicated a race to him during his recovery.
Toledano resumed his career through Formula BMW, running four races in the Formula BMW USA series and two in the Formula BMW Pacific Series to prepare for the 2008 World Final at the Autodromo Hermanos Rodriguez in Mexico City, where he finished sixteenth. He did not race again competitively until 2011, when he participated in pre-season GP3 Series testing.
A more sustained return came in 2012 through the Panam GP Series, placing fifteenth and thirteenth in the opening two rounds. He continued in Panam GP in 2013, finishing eighteenth in the summer championship and fourteenth in the winter championship. In 2014 he moved to Formula Acceleration 1 as part of the Acceleration 2014 series, driving for Acceleration Team Mexico.
Toledano expanded into sportscar racing, making an appearance in the FIA World Endurance Championship LMP2 class in 2016. His DriverDB career record logs a DNF at the Mexico City round of the 2016 FIA WEC in the LMP2 category.
His father, Alfonso Toledano, competed in the British Formula Ford Championship from the late 1970s as a Van Diemen works driver, finishing third in the 1981 points standings in competition with drivers including Ayrton Senna. He subsequently raced in British and European Formula Three before moving to sportscar racing, sharing a Porsche 962C in the 1989 FIA World Sports-Prototype Championship. After retiring from driving, the elder Toledano became a prominent motorsport promoter in Mexico, working with the Formula Renault and Formula Three championships there and the F3 Panamericana series. He died in Mexico City on 10 July 2016.