Cristina Vita Aranda, who has three children with Club Olimpia player Ivan Torres, was pronounced dead shortly after being rushed to hospital with a bullet wound to her head.
Local reports said left-back Torres, a former U20 international, was also at the concert and helped get his wife to hospital.
The model and influencer announced recently they were planning to divorce after 10 years of marriage.
The pretty brunette is believed to have been caught up in the crossfire of a gunfight in a VIP area at the Jose Asuncion Flores Ampitheatre in the Paraguayan capital Asuncion, although Sunday’s shooting is still being investigated by police and prosecutors.
A man named as Marcos Ignacio Rojas Mora also died, with unconfirmed reports saying the intended target was a drug dealer identified locally as Ederson Salinas Benitez.
Four people aged between 23 and 40 were also shot and were being treated for their injuries in hospital today.
Ivan, who began his career with Paraguayan side Cerro Porteno before signing for the club’s arch-rivals Club Olimpia in December 2014, is said to have suffered a panic attack but was uninjured.
Local TV footage showed one of the victims being carried out of the ampitheatre on a stretcher by security guards and paramedics while a man who also appeared to be hurt was guided towards an exit by two men helping him to walk.
Confirming 29-year-old Cristina’s death, Itaugua Nacional Hospital director Yolanda Gonzalez said: “She was intubated when she arrived and attempts were made to resuscitate her for at least 25 minutes after she went into cardiac arrest.
“She died after the lengthy attempts to save her life.”
Vita Aranda described herself on Instagram to her 445,000 followers as a personal trainer although she also did modelling work and was often referred to as an influencer in her homeland.
She posted footage of herself four days before her death working out in the gym.
She wrote alongside the selfie video of her lifting weights: “People think I go to the gym only so I can show off a good body.
“What they don’t know is that it controls stress and anxiety, it helps improves my morale and it gives me physical and mental strength and confidence.”
Cristina and her husband posed together for a Christmas picture before the brunette’s recent announcement they had decided to call time on their relationship.
Ivan, who has yet to publicly comment on the tragedy, wrote: “Family united and the table laid, the most special thing of every Christmas.”
Following news of their split, the footballer said in a photo he posted with their children: “I have always been a very sincere person and today I feel very sad and in a lot of pain.
"But despite that I’m here today to give my best and fight always.
“I thank my family, my teammates and ex-teammates who are supporting me at this difficult moment.”
They were still man and wife when the shooting happened and were believed to be trying to patch things up between them.
A group called Binomio de Oro were on stage when the shooting occurred. The concert was suspended immediately.
Ivan Torres enjoyed a spell in Argentina with first-division side Club Atletico Colon between his time with Club Olimpia.
He returned to the Paraguay side in 2017 following the end of his loan period.
Olimpia cancelled its morning training session today following the death of Torres’ wife.
The decision was taken after it emerged another player’s wife was among the injured.
Argentinian Victor Salazar’s partner Xoana Danila Barrientos, 29, was rushed to hospital after being shot in the leg at the same concert.
Her condition has been described as stable.
Police chief Benicio Ramirez confirmed initial reports pointed to Ivan’s wife Cristina Vita Aranda being a “collateral victim.”
He told a local radio station: “The initial police theory is that she was a collateral victim.
“She was shot in the head and didn’t survive.”