The scuffle erupted in a media zone at the tournament in Sydney on Monday and was caught on camera while Serbia's Sasa Cado was being interviewed defeating Mali 81-68.
A short video clip showed Mali's Salimatou Kourouma throwing at least three punches at a teammate as a shocked Cado retreated.
Other Mali players shouting "stop" rushed over to intervene and break up the fight.
"Following the incident, FIBA has opened an investigation," the governing body said in statement.
"Once the investigation has concluded, FIBA will decide on any applicable disciplinary measures."
Mali have yet to win a game at the World Cup and face their final clash of the tournament later Tuesday against Canada.
They qualified for their second World Cup as a late replacement for Nigeria, who pulled out citing administrative difficulties around the sport in their country.
