Pedro Aunion Monroy was performing a stunt in front of crowds but plunged 100 feet to the floor when his harness snapped, according to the Mirror.
The show was allegedly then halted for 30 minutes before Green Day carried on as planned.
However, in a tweet posted shortly afterwards, it was implied that they did not know what had happened until they came off-stage later on.
“We just got off stage at Mad Cool Festival to disturbing news,” they wrote.
Warning: Potentially distressing image below.
The band added: “A very brave artist named Pedro lost his life tonight in a tragic accident.
“Our thoughts and prayers go out to his family and friends.”
There has, however, been backlash against the group and festival organisers.
“@GreenDay ashamed of you. An artist died just 20 meters from you and you still play. Worst band on the planet. #MadCool,” one person raged online.
Another said: “Im leaving the #madcool after an acrobat died mid show, and noone in the organization said anything.#GreenDay shouldn’t be playing right now.”
Festival bosses are quoted as saying: “Mad Cool Festival regrets the terrible accident that an acrobat suffered during the second day of the festival.
“For security reasons, the festival decided to continue with the programme. We send our most sincere condolences to his family.
“Tomorrow, Saturday 8th, during the festival we will pay tribute to the artist.”