Las Ketchup broke out of their domestic market to score a number one hit in the UK with the Las Ketchup Song in 2002.
Colombian star Juanes, a previous multi-Grammy winner, has been nominated in six categories.
He will compete against Enrique Iglesias for the Latin artist of the year award.
The awards celebrate the best in Latin music from around the world, with winners chosen by sales and radio airplay from Billboard's weekly chart.
The winners will be announced at ceremony in Miami, Florida, on 8 May which will be broadcast on Spanish TV station Telemundo.
Mexican Pop duo Sin Bandera will be competing in five categories.
'Unique'
Their debut song, Entra en mi vida, is the theme tune to a popular Mexican soap opera which is broadcast across Latin America, and is nominated in the hot Latin track of the year category.
Spain's Alejandro Sanz is nominated in just one category, best album for MTV Unplugged, having won three awards at the 2002 ceremony.
"This year's finalists include up-and-coming artists who are setting trends with their unique sounds and innovative rhythm, as well as established artists," said Telemundo's Manuel Martinez.
In the major categories, top Latin albums artist of the year finalists include Juanes for Un Dia Normal, Mana for Revolucion de Amor, Las Ketchup for Hijas del Tomate, Los Temerarios for Una Lagrima No Basta.
Nominees for the hot Latin track of the year are Chayanne for Y Tu Te Vas, Pilar Montenegro for Quitame Ese Hombre, Jennifer Pena for El Dolor De Tu Presencia and Sin Bandera for Entra En Mi Vida.