The mummy was found in El Laucho beach at the foothills of Morro de Arica, La Tercera newspaper reported, according to Xinhua.
The students were part of an archaeology workshop and were investigating the site of a landslide caused by the 8.2-magnitude earthquake that hit the region April 1.
The students from the Escuela America school were performing an excavation when they found the mummy.
The mummy belongs to the Chinchorro culture and has an estimated age of 7,000 years. Authorities from the Chilean National Heritage Office arrived at the site to investigate the remains.
Chinchorro culture consists of fishermen villages located in the coast of Atacama desert, from Ilo in Peru in the north to Antofagasta in the south between 7020 BC and 1500 BC.