If it's all on one ticket you should be OK. Separate tickets it should be as well but even OW-OW the EZE staff might find something about a limit to how long of a layover your bags have in SCL. I've had a couple of 8+ hour layovers in LIM from LAX to EZE on the same ticket and had no problems which is surprising given LIM's well documented issues there. My longest in SCL has been about 7 hours heading the other way and it wasn't a big deal for EZE even with a flight/routing change (their request while checking something with the office in town the day before since there were issues with the lounge and something happening with the plane (down gauge)). I'm not sure what the time limit is for baggage layover but I've never had an issue with the SCL as far as bags.

Enjoy your trip.

Remember it's LAN so YMMV!