It will be a second friendly in South America for Michael O'Neill's side, who are also due to play Uruguay in Montevideo on 30 May.
O'Neill said: "I hope to have a squad as strong as possible available for the friendlies, as this will be our final chance to play preparation games ahead of the start of the UEFA Euro 2016 qualifying campaign in September.
"Having the opportunity to play top class opposition like Uruguay and Chile will be great experience for the players."
IFA president Jim Shaw added: "As there is no friendly date in August this year, it was vital that we arranged two games for the end of the season, to ensure that the manager had an opportunity to have the squad together ahead of the start of the Euro 2016 campaign.
"I am pleased that we have been able to arrange the friendlies against Uruguay and Chile and I know that they will provide excellent preparation for the team ahead of the next qualifying campaign."
Northern Ireland have lost their previous three meetings with Chile which occurred in 1989, 1995 and 2010.
Watch live coverage of the draw for the Euro 2016 qualifying groups on Sunday from 10am on Sky Sports News.