The bungled bid by military chiefs to overthrow Bolivian President Luis Arce's government deepened turmoil in a country facing severe economic decline.

"I am deeply worried about Wednesday's military incursion at the presidential palace in Bolivia," UN human rights chief Volker Turk said in a statement.

"It is crucial for Bolivian authorities, including the armed forces, to ensure full respect for human rights under all circumstances, protect the constitutional order and maintain peace.

"I urge the authorities to conduct a thorough and impartial investigation into allegations of violence and reports of injuries. Those responsible must be held to account, and those detained in relation to the events must receive fair trials."

The United Nations high commissioner for human rights said dialogue and democratic mechanisms were the only way to resolve tensions.

Army chief Juan Jose Zuniga on Wednesday deployed troops and tanks to the heart of the Bolivian capital La Paz, where they tried to break down a door of the presidential palace.

Shortly thereafter, soldiers and tanks pulled back and local television broadcast images of Zuniga's arrest.

Bolivia's naval chief Juan Arnez Salvador was also arrested. The two men face up to 20 years in prison for the crimes of terrorism and armed uprising, prosecutors said.