Former Liverpool striker Suarez, 35, plays for Uruguayan side Nacional.
Ex-Manchester United forward Cavani, also 35, has scored four goals for Valencia this season but is currently recovering from an ankle injury.
Defender Diego Godin, 36, is included in an experienced squad.
Three Premier League players have been selected by the South American side, who won two of the first four World Cup titles. Liverpool striker Darwin Nunez and midfielders Rodrigo Bentancur of Tottenham and Manchester United’s Facundo Pellistri are all in.
Key defender Ronald Araujo of Barcelona has been picked despite having thigh surgery in September.
Uruguay are in Group H along with South Korea, Portugal and Ghana.
Goalkeepers: Fernando Muslera (Galatasaray), Sergio Rochet (Nacional), Sebastian Sosa (Independiente)
Defenders: Jose Maria Gimenez (Atletico Madrid), Sebastian Coates (Sporting CP), Diego Godin (Velez Sarsfield), Martin Caceres (LA Galaxy), Ronald Araujo (Barcelona), Guillermo Varela (Flamengo), Jose Luis Rodriguez (Nacional), Mathias Olivera (Napoli), Matias Vina (Roma)
Midfielders: Lucas Torreira (Galatasaray), Manuel Ugarte (Sporting CP), Matias Vecino (Lazio), Rodrigo Bentancur (Tottenham Hotspur), Federico Valverde (Real Madrid), Facundo Pellistri (Manchester United), Nicolas De La Cruz (River Plate)
Forwards: Agustin Canobbio (Athletico Paranaense), Facundo Torres (Orlando City), Giorgian De Arrascaeta (Flamengo), Maxi Gomez (Trabzonspor), Luis Suarez (Nacional), Edinson Cavani (Valencia), Darwin Nunez (Liverpool)
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