Pizarro, who last played for Chile against Ecuador in Santiago in October 2005, turned his back on the national team after indiscipline by other team members and then refused several recalls from different coaches.
The 33-year-old, with 36 caps and two goals for his country, accepted the call-up from Chile's Argentine coach Jorge Sampaoli.
He joins a 20-man squad that includes midfielder Arturo Vidal, who has just helped Juventus win Italy's Serie A title and forward Alexis Sanchez of Spanish champions Barcelona.
Striker Esteban Paredes of Mexico's Atlante, who scored both goals in Chile's 2-0 victory over Uruguay in their last qualifier in Santiago in March was also retained.
Chile, fourth in the South American group led by Argentina, visit Paraguay in Asuncion in June 7 and host Bolivia in Santiago four days later.
Argentina have 24 points from 11 matches, Ecuador on 20 and Colombia 19 have a match in hand, and Chile 15 from 11. Bolivia and Paraguay are in the bottom two places with nine and eight points respectively.
The top four at the end of qualifying go through to the 2014 finals in Brazil, with the fifth-placed team meeting an Asian side in a play-off for another berth.