The Colombians took the lead from a penalty in the 30th minute after Shim Seo-yeon handled a goal-bound effort from Manuela Vanegas in the area. Catalina Usme converted from the spot, sending South Korean goalkeeper Yoon Young-geul the wrong way when placing her shot to the left of the net.
Caicedo’s goal came at the end of a darting run from midfield, which saw her cut in from the left before curling a shot from the edge of the box. Her effort appeared too central to trouble Yoon, but the keeper got her positioning wrong and instead fumbled it into the net.
Lee Geum-min was close to pulling a goal back for the Koreans at the end of the half, but was denied by the flying save of Catalina Perez.
Colombia had a late chance to score a third, which would have seen it record its biggest ever win at the tournament, but a miscommunication between Usme and Vanegas meant a promising break came to nothing.
These were the last two teams to begin their campaigns in Australia and New Zealand, and it was the 300th game in Women’s World Cup history.
The win could be crucial to Colombia’s chances of advancing to the round of 16 after Germany delivered a statement of intent in Group H with a 6-0 rout of Morocco on Monday.