The incident occurred in the latter stages of the Group D encounter, which Uruguay won 1-0 to progress to the knockout stages, and although the incident was missed by the match referee, FIFA's disciplinary committee has taken retrospective action and Suarez could be facing a lengthy ban that would keep him out of the last-16 match against Colombia and beyond should Uruguay progress.
It could even end up affecting the Liverpool striker's domestic career.
Uruguay and Suarez have until 5pm local time (2100 BST) on Wednesday to provide evidence.
A statement on FIFA's website said: "FIFA can confirm that disciplinary proceedings have been opened against the player Luis Suarez of Uruguay following an apparent breach of article 48 and/or article 57 of the FIFA Disciplinary Code during the 2014 FIFA World Cup Brazil match Italy-Uruguay played on June 24 2014.
"The player and/or the Uruguayan FA are invited to provide with their position and any documentary evidence they deem relevant until June 25 2014, 5pm, Brasilia time.
"According to article 77 lit. a of the FIFA Disciplinary Code (FDC), the FIFA Disciplinary Committee is responsible for sanctioning serious infringements which have escaped the match officials' attention.
"Furthermore, according to article 96 of the FDC, any type of proof may be produced (paragraph 1), in particular are admissible, reports from referees, declarations from the parties and witnesses, material evidence, audio or video recordings (paragraph 3)."
FIFA's disciplinary code sets a maximum ban of 24 matches or two years, but the longest ban in World Cup history was eight games for Italy's Mauro Tassotti for breaking Spain's Luis Enrique's nose in 1994 with an elbow.
Zinedine Zidane was given a three-match ban for headbutting Marco Materazzi in the 2006 final.
Suarez has twice been banned for biting opponents - for 10 matches in 2013 for biting Chelsea's Branislav Ivanovic and in 2010 he was given a seven-game ban while playing for Ajax for biting PSV Eindhoven's Otman Bakkal.
Luis Suarez "These situations happen on the pitch, we were both just inside the area, he struck me in the chest with his shoulder and he hit me in the eye as well."
Giorgio Chiellini: "It was ridiculous not to send Suarez off.
"It is clear, clear-cut.
"Then there was the obvious dive afterwards because he knew very well that he did something that he shouldn't have done."
Jim Boyce, Britain's FIFA vice-president and head of FIFA's referees committee, expressed concerns about Suarez's actions.
Jim Boyce: "I have watched the incident several times on television. There is no doubt Luis Suarez is a fantastic footballer but, once again, his actions have left him open to severe criticism.
"FIFA must investigate the incident seriously and take whatever disciplinary action deemed necessary."
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World Cup Fixtures
Wednesday 25th June 2014
21:00 Ecuador Vs France
21:00 Honduras Vs Switzerland
17:00 Bos-Herce Vs Iran
17:00 Nigeria Vs Argentina
Thursday 26th June 2014
17:00 Portugal Vs Ghana
17:00 USA Vs Germany
21:00 Algeria Vs Russia
21:00 South Korea V Belgium
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Newcastle United Fixtures
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