Chilean National Professional Football Association (ANFP) head Sebastian Moreno told reporters that the clash "would not be held as agreed" but confirmed that Chile's friendly against Peru in Lima on November 19 would go ahead.
According to local press reports, the Chile-Bolivia duel could be played before the 2020 Copa America, which will be co-hosted by Argentina and Colombia.
Chile has been beset by unrest since October 20, when protests against a now-suspended hike in subway fares morphed into a wider movement demanding lower living costs and greater income equality.
At least 20 people have been killed and dozens more injured amid clashes between protesters and police, looting and arson attacks, according to local authorities.
The violence has prompted the cancelation of two major summits. Local media reported on Tuesday that the South American Football Confederation (CONMEBOL) decided to move the final of the Copa Libertadores because of the social upheaval.
The match between Argentina's River Plate and Brazil's Flamengo was scheduled to be played in Santiago on November 23.