Oxlade-Chamberlain limped off in the 63rd minute of the warm-up friendly when he was kicked during a challenge from Carlos Gruezo, who then tumbled on to him.
England manager Roy Hodgson said other players he had replaced had been suffering only from cramp but that the Arsenal wide-man was a concern.
“We have our fears that it might be ligament damage and a scan is required,” Hodgson said.
“His knee buckled under the challenge as the player turned into him. He’ll have a scan tomorrow, I’d imagine. When we’ve had the scan, we’ll know more,” he said.
England’s World Cup Group D campaign starts against Italy on June 14 in Manaus.
Oxlade-Chamberlain enjoyed a good game prior to his injury with his pace on the right-flank creating several opportunities for England.