The Newcastle defender won his 55th cap in the friendly at the Raymond James Stadium in Tampa, and his side led 2-1 at one stage.
But the South Americans - who included the likes of James Rodriguez and Radamel Falcao - finished strongly to come out on top.
Yedlin and his team-mates will face Peru in Connecticut on Tuesday in another friendly.
Elsewhere on Thursday, England's under-21s secured their qualification for next summer's European Under-21 Championships with a 7-0 win over Andorra in Chesterfield. However, Freddie Woodman was not involved for the Young Lions.
Meanwhile his fellow Newcastle goalkeeper, Otto Huuhtanen, was an unused substitute for Finland's under-19s as they drew 0-0 with their counterparts from Denmark on Wednesday.