The aggregation dynamics of paramagnetic spherical particles embedded in a viscous fluid is investigated via numerical simulations using a fully coupled three-dimensional model. Particles experience simultaneously Brownian motion, dipolar magnetic attraction, and multibody hydrodynamic interactions. When the dipole strength characterizing the ratio of magnetic attraction to random diffusion exceeds a critical value, particles join together forming supraparticle structures. As time evolves, particle/chain and chain/chain interactions lead to a continuous increase of the cluster size. The mean length of particle chains has a power-law dependence with respect to time, as predicted by the theory of diffusion-limited aggregation. Both the exponent and the characteristic time scale agree very well with the experimental results of Promislow et al. (J. Chem. Phys. 1995, 102, 5492).