Balanta, 22, collapsed during his team's first practice after the holiday break and was taken to a hospital in San Miguel de Tucuman, where he died after resuscitation maneuvers for more than 40 minutes didn't work.
"We regret to inform you about the death of Andres Balanta. The club's supporters are deeply saddened today. Of course, we support his family, teammates and friends," Atletico Tucuman officer Ignacio Golobisky said to the media.
Balanta had joined Atletico in July of 2021 from Deportivo Cali, the Colombian club where he began his career in 2019.
He played for the Colombia national team in the 2019 Under-20 World Cup in Indonesia.
"The Colombian Football Federation regrets the death of Andres Balanta, player of the Colombia national team in its different divisions," the Colombian federation said on its official Twitter account.
Information from Reuters was used in this report.