The Colombian Consulate in Sao Paulo said in a statement that Ortiz Vaca was undergoing surgery and in stable condition.
One suspect was arrested, and the other escaped, according to police. Local authorities said they would investigate the case.
Violent street crime is common in Brazil, and foreigners sometimes become victims.
Last December, an Argentine tourist was shot in Rio de Janeiro after he mistakenly drove his car into a low-income community on his way to the Christ the Redeemer statue. Gastón Fernando Burlon, president of the Argentine Chamber of Student Tourism, was then taken to a local hospital.