The Crystal Palace midfielder picked up his second yellow card of the tournament in Wednesday's 1-1 draw with Brazil and he will subsequently serve a one-match suspension.
Former Porto lynchpin Mateus Uribe, who now plies his trade at club level in Qatar with Al Sadd, is seemingly the most likely candidate to replace Lerma and start next to Richard Rios and Jhon Arias.
Jhon Lucumi missed Colombia's final two group-stage games after being forced off in the opening 25 minutes of matchday one, and the defender remains a doubt for Saturday's contest.
Manager Nestor Lorenzo could therefore continue with Davinson Sanchez and Carlos Cuesta in central defence, while Daniel Munoz - who scored his second goal of the tournament in the draw with Brazil - and Johan Mojica operate as full-backs.
Jhon Cordoba will be hoping to fend off competition from Rafael Santos Borre and Jhon Duran for another start as the central striker, joining Liverpool's Luis Diaz and Sao Paulo's James Rodriguez in a three-man attack.
Colombia possible starting lineup: Vargas; Munoz, Sanchez, Cuesta, Mojica; Rios, Uribe, Arias; Rodriguez, Cordoba, Diaz