A customized code using the free and fully open-source CFD software package OpenFOAM was developed to simulate a two-dimensional axisymmetric model of an inductively coupled plasma torch. To efficiently calculate the high-frequency magnetic fields generated by the inductive coil, a technique based on the vector potential formulation of Maxwell’s equations was implemented using the block coupled matrix solver provided by the foam-extend toolbox. While the fluid equations for the inner torch region are solved under the assumption of a laminar flowing argon plasma under atmospheric pressure and local thermodynamic equilibrium conditions, the electromagnetic equations are solved on an overlapping mesh extended far outside the torch. Moreover, a novel technique for initializing the plasma solver by separately precomputing the velocity and temperature fields is presented. Using this approach our plasma solver can run in both steady-state and transient modes. The implementation has been validated by means of analytical methods, and the simulation results of the Tekna-PL50 plasma torch have been compared against literature data. The results obtained using the OpenFOAM code are in good agreement with those of the commercial CFD codes.