Club president Yamandu Costa told reporters that Cristian Latorre had his contract terminated, while other players involved in the fight would be fined, depending on their level of involvement.
Gaston Inda, the vice-president of Wanderers, meanwhile said that the club's executive committee would meet on Tuesday to decide whether to impose sanctions on their players.
Both teams said in a joint statement released on Monday evening that they "strongly opposed all forms of violence in football", vowed to fight against the problem in the game and apologised to fans, the wider public and the authorities.
Rival players fought on the pitch after the match ended in a 3-3 draw on Sunday, prompting the referee to send off eight players from each side. Another player had previously been sent off in the first-half, taking the game's total to 17.
In 2002, a Spanish referee sent off 19 players in a regional first division match, forcing the game to be abandoned.
Player sacked for fight that led to 16 red cards
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