The reigning Giro d'Italia champion suffered a contusion to his right shoulder, as well as several other bruises, in the crash, which came the day after he finished third at the Vuelta a Burgos.
Carapaz is set to be a co-leader at the Vuelta for Movistar, along with past Vuelta winners Nairo Quintana and Alejandro Valverde.
The Movistar team will take a final decision on Carapaz's participation in the Vuelta – which starts on Saturday August 24 – on Thursday or Friday after further assessments have been made.
Losing Carapaz would be a huge blow to the Spanish team, even if they have more fallback options than most.
Quintana is coming off the Tour de France, where he finished eighth, though he raced the same schedule when he won the Vuelta in 2016.
Meanwhile, Valverde, who won the Vuelta in 2009, will reportedly target stage victories rather than the general classification.