They will be competing in the Video of the Year category, along with Christina Aguilera, Madonna and Panic! At The Disco.
Shakira will also compete with Madonna and Aguilera for Best Female Video, along with Kelly Clarkson and Nelly Furtado.
For the men, the competition includes Nick Lachey, James Blunt, Kanye West, T.I., and Busta Rhymes. For the group video, in addition to the Red Hot Chili Peppers, Fall Out Boy and Gnarls Barkley have also been nominated.
Several celebrities have confirmed that they will participate in the ceremony, including Beyonce Knowles, Justin Timberlake, Panic! At The Disco, The Killers and rappers T.I. and Ludacris. More stars are expected to be named in the coming weeks.
The MTV Video Music Awards will take place on August 31 live from Radio City Music Hall in New York.