Two teenagers died following confrontation between fans and police before Chilean club Colo Colo's game against Brazilian side Fortaleza in the Copa Libertadores.
The deaths occurred following fighting after police blocked about 100 fans as they tried to enter the Monumental Stadium in Santiago.
"What is known is that one of the fences crushed these two and an investigation is under way into whether a police car was involved in the death," said local prosecutor Francisco Morales.
Local media have said the victims were aged 13 and 18.
Police general Alex Bahamondes said a police officer had been charged in the case and that "statements are being taken regarding the events".
The group match in the Copa Libertadores did start but was later cancelled.
South American football's governing body Conmebol said it "deeply regrets the death of two fans near the Monumental Stadium".
In a statement, the body expressed its "deepest condolences to their families and loved ones" and said "all information regarding the events that occurred inside and outside the stadium" will be sent to its disciplinary committee.