Suarez and Cavani have both found the net in three consecutive World Cups, and they have five goals between them here in Russian Federation.
Uruguay advance to play France on Friday and Portugal are on their way home.
Raphael Gurrero whipped in a cross from a short corner and as the ball crossed Ronaldo's head, Pepe jumped high to meet the cross and fetch the equaliser for his side 10 minutes into the second half.
The 1-1 scoreline wouldn't last long, though, as Cavani scored his second of the day in stunning fashion - a perfectly placed curler from the edge of the penalty area to restore Uruguay's lead just seven minutes later.
The Portugal manager, Fernando Santos, said he did not want Cristiano Ronaldo to walk away from worldwide football after Portugal were knocked out of the World Cup by a 2-1 defeat at the hands of Uruguay.
Last night's post match interview after Portugal were knocked out of the World Cup is proof of this.
With six minutes gone, Bernardo Silva made progress down the other flank and laid the ball off to Ronaldo, who blasted a first-time effort straight at keeper Fernando Muslera.
"Now is not the time to talk about the future of players and coaches", Ronaldo said.
Uruguay have the luxury of arguably the best attacking tandem at the World Cup, and with Cavani in this form and Suarez always capable of turning a match on its head, they could be very tough to stop in the latter stages of the tournament.
Ronaldo barely had a sniff of a chance in front of goal and admitted after the game Uruguay were deserved winners. Uruguay comfortably finished top of their group with three wins while Portugal just about managed to squeeze through to the Round of 16 after Iran failed to beat them in a tense encounter.
With or without Cavani, though, Uruguay will make it tough for France and should not be written off.
There are many possible factors for Europe's grip on the World Cup, but South America's contribution to the world game is at least on a par with Europe, with so many of its players starring for European clubs.
55' - GOAL! Uruguay 1-1 Portugal: Portugal finally breach Uruguay's defence!