The South American giants are separated by just two points, and both sides are close to reaching Brazil next summer, though a defeat could prove costly.
Colombia, which has not qualified for the inter-continental football finals since 1998, sits second in the South American qualifying group, one place and two points above its opponent.
A win for either side will guarantee a top-four berth and participation in Brazil next year, as Ecuador and Uruguay, who are both two points behind Chile, are also set to meet on Friday in the penultimate round of fixtures.
Jose Pekerman's Colombia side has already let one opportunity to qualify slip, when it fell to a 2-0 defeat against Uruguay in Montevideo last month.
Strikes from Edinson Cavani and Christian Stuani ensured Colombia would be made to sweat on its progress. The team will pin its hopes of qualification on in-form Monaco striker Radamel Falcao.
The 27-year-old is fourth on the CONMEBOL goalscoring charts with seven goals from 14 matches and is likely to play a crucial role together with River Plate forward Teofilo Gutierrez.
Meanwhile, after four consecutive defeats in qualifying, Chile has won its last four fixtures and put in a superb display when recording a 3-0 triumph over Venezuela in September.