Jara was punished by Conmebol after the Uruguayan Football Association (AUF) reported the player for the role he played in the dismissal of Edinson Cavani in Chile's quarter-final win over Oscar Tabarez's men.
La Celeste saw their striker shown a second yellow card in the quarter-final against the host nation for raising his hand to Jara, who had provoked his opponent.
However, the Chilean Football Association (ANFP) challenged the length of the suspension and their appeal has been successful, with Conmebol cutting it to two games.
It still means Jorge Sampaoli's men will be without the 29-year-old for the semi-final against Peru on Monday. He will also miss the final, should his side qualify, or the third-place play-off.
Jara will, though, be available to represent his nation when they begin their campaign to qualify for the 2018 World Cup.