Uruguay is guaranteed of finishing no lower than fifth, but appears destined for an intercontinental playoff against Jordan for a spot at next year's tournament.
Chile led Colombia 3-0 at the break, but the hosts responded with a 69th-minute goal from Teofilio Gutierrez and two penalties by Falcao in the 75th and 84th.
Arturo Vidal had converted a penalty in the 19th minute for Chile, and Alexis Sanchez scored in the 22nd and 29th minutes.
Ecuador moved into prime qualifying position on the strength of Jefferson Montero's goal in the 30th minute.
Venezuela drew 1-1 with Paraguay in a match Friday between two out-of-contention teams.
In a late match, Argentina won 3-1 against eliminated Peru. Veteran striker Claudio Pizarro put Peru ahead in the 21st minute but Ezequiel Lavezzi scored twice before the break as the hosts took command and Rodrigo Palacio added a third in the 47th minute.