Cavani twisted ligaments in his right knee in his side's 1-1 draw with Chile and Caceres was ruled out after picking up his second yellow card of the tournament.
Abel Hernandez and Cristian Rodriguez are favourites to replace Cavani while Alvaro Pereira is likely to drop back from midfield to defence to replace Caceres with Alvaro Gonzalez taking his place in midfield.
"Obviously replacing a player of Edinson's quality isn't easy. We all know what he brings to the group," striker Luis Suarez said in Mendoza before the World Cup semi-finalists flew to La Plata for the Group C match.
"But that's why there are 23 of us in the squad and whoever comes in to replace him will do a great job."
Having drawn their first two games, Uruguay need to beat Mexico to be sure of a place in the quarter-finals.
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