Data from the country's national registry office showed no candidate reached the more than 50 per cent support needed to avoid a second round, with a majority of votes counted nationwide on Sunday.
De La Espriella and Cepeda were running close in tallies, with the right-wing lawyer notching 44 per cent support and the long-time senator and activist 41 per cent.
Lawyer and businessman De La Espriella, has never held elected office, but his style and policy proposals have drawn comparisons to El Salvador's Nayib Bukele.
Portraying himself as an outsider free from political baggage, De La Espriella, 47, has proposed a tough offensive against illegal armed groups, the construction of 10 megaprisons and poverty reduction through better education, healthcare and housing for the poorest.
Cepeda, a 63-year-old lawmaker, has been leading opinion polls, but surveys have suggested he will face a much tougher contest in a second round, once right-leaning and centrist voters no longer have multiple candidates to choose from.
Cepeda, the son of a murdered communist leader, has promised to pursue peace with illegal armed groups through negotiations, a policy that has led to little progress under current leader President Gustavo Petro.
He also plans to deepen reforms meant to reduce inequality and poverty, including by raising taxes on high earners, gifting one million hectares to victims of the country's six-decade internal conflict, and expanding healthcare coverage.
De La Espriella, who has legally represented controversial figures including former Venezuelan minister Alex Saab, has warned Cepeda would ensure the continuation of Petro's much-criticised economic policies, including a ban on new oil projects.
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