Aranda, 29, is the wife of footballer Ivan Torres, a player for the Olimpia club in Paraguay. She had three young children.
The other person killed in the shooting was identified by local media as a 28-year-old man.
The incident took place during the festival Ja’umina Fest at the José Asuncion Flores amphitheater in San Bernardino, Paraguay.
Four other people were treated in hospital for bullet wounds in the leg.
One of them, named José Bogado, is said to be a Brazilian national.