O'Higgins fans directed racist abuse at Venezuelan striker Emilio Renteria, who plays for San Marcos de Arica, at their home match on Friday, forcing the referee to halt play for some minutes. O'Higgins won the game 3-1.
After an emergency meeting on Monday, the ANFP said it would request the maximum penalty possible for those responsible from its disciplinary tribunal. It also said it would meet shortly with the Venezuelan ambassador, at the ambassador's request.
O'Higgins, based in the central city of Rancagua and winners of the first of two league championships in the 2013-14 season, could face a fine or may have to play five games without home fans.
Racism has become a serious issue in South American soccer, with authorities in Peru, Brazil and Argentina among those trying to crack down on discrimination.
Colo Colo are title holders having won the Clausura championship in mid-year.
(Reporting by Felipe Iturrieta, Writing by Rosalba O'Brien, editing by Rex Gowar)
