This is not the first time the two nations, which share a border of more than 2,000 km, suspended political and economic relations.
In 2008, Chavez made the same decision after an incursion of the Colombian army into the Ecuadorian territory, which later turned into a severe crisis between the two countries.
In 2009, Chavez "froze" ties between Caracas and Bogota, saying that a military cooperation agreement signed by the Colombian government and Washington was adversely affecting his country.
However, Chavez left a door open for Colombian President-elect Juan Manuel Santos to mend bilateral relations.
Chavez said in a newspaper column that he would wait to see if Santos would ease the diplomatic conflict.
"We have to receive clear and unequivocal signals that there is a real political will in the new Colombian government to take up the path of dialogue again, without tricks," Chavez wrote.
Santos, who will take office on Aug. 7, has repeatedly said that one of the main priorities of his government is to resume relations with Venezuela.
