Citing unnamed sources, the entertainment news website said Tyler had been suffering from dehydration caused by a bout of food poisoning when he collapsed.
Two of Tyler's teeth were knocked out he reportedly fell and hit a bathtub, Paraguayan media reported.
Aerosmith's concert scheduled for Tuesday night at the Jockey Club in Asuncion, Paraguay, was canceled as a result.
"We have had to delay the concert until tomorrow [Wednesday] due to the incident suffered by the band's singer," concert organizer Marcelo Antuñez told reporters.
"Mr. Tyler had a small accident that prevents him from staging the concert tonight ... he is fine, he's in his hotel but he's not able to do the concert," he added.