Carcasci entered the European Formula Ford 1600 series in 1985, driving a works-entered Van Diemen RF85. He won races at Cadwell Park, Castle Combe, and Brands Hatch and claimed the EFDA Formula Ford Euroseries final at Circuit Zolder. In that same season he beat future Formula One drivers Bertrand Gachot, Roland Ratzenberger, and Damon Hill. At the 1985 Formula Ford Festival he qualified on pole position for the final but did not finish.
For 1986, Carcasci graduated within the works Van Diemen programme to the British Formula Ford 2000 championship, winning races at Thruxton, Snetterton, and Castle Combe while Gachot claimed the title. He returned to British circuits in 1988, contesting five rounds of the British Formula Three series in an Alfa Romeo-powered Reynard 883 without notable results. In 1989 he ran in various Formula Opel Lotus championships and entered three rounds of the British Formula 3000 championship. At Oulton Park he won the non-championship Gold Cup race, defeating Gary Brabham. That same year he was approached to drive the Life F190 for the Life Racing Engines Formula One team but declined, judging the car too uncompetitive.
In 1990, Carcasci joined Manor Motorsport in the British Formula Renault Championship alongside Jason Plato, finishing runner-up to Thomas Erdos.
Carcasci moved to Japan in 1991 to race in the All-Japan Formula Three Championship for the factory Toyota team TOM'S, driving the new TOM'S 031F chassis. He won four races and claimed the championship. At the 1991 Macau Grand Prix he finished eleventh. He also made his debut in the All-Japan F3000 Championship that year, scoring four points in a Lola T90/50.
In 1992 he won a round of the All-Japan F3000 series at Fuji Speedway in a Reynard 92D, and remained in the series for a third season in 1993, with third place at Mine Circuit as his best finish. After Japan, he tested the Nordic Racing Lola T94/50 at Snetterton and contested one round of the European Formula 3000 series at Estoril, retiring after eight laps with an electrical problem.
In 1996, Carcasci made a single Indy Lights appearance at the Long Beach street circuit, starting twelfth before a clutch failure ended his race. He also competed in the Mexican Formula Three Championship that year.
Following his driving career, Carcasci joined driver management agency One Sports Management in 2001, where he worked with drivers including Antonio Pizzonia, Luciano Burti, and Lucas di Grassi. He headed the talent selection board for oil company Petrobras and oversaw the partnership between Petrobras and GP3 outfit Koiranen GP for young Brazilian talent. In 2015 he joined Draco Racing as a driver coach, managing Andre Negrao among others.
He also co-founded a British Formula Three team, SS Sports, in 1998 with Tim Spouge, serving as chief engineer in 1999 before the team dissolved at season's end.