Several top Iranian players, including Karim Baqeri, Farhad Majidi, Vahid Taleblou, and Mojtaba Jabbari, also played in the match on Tuesday in Tehran, IRNA reported.
In the match, Morales passed the ball to the Iranian president and Ahmadinejad scored a goal for the Iranian-Bolivian presidential team.
Fifty-year-old Bolivian president is a keen footballer and plays the game frequently, often with local teams.
In 2007, he played a match at 6,000 meters above sea level in a protest against efforts to stop Bolivia playing its international fixtures at high altitude. And in 2006, he suffered a broken nose in a clash with a goalkeeper.
Morales arrived in the Iranian capital on Sunday night for a three-day official visit to the country.
The Bolivian president also paid a visit to the north-western city of Tabriz where he attended a training session of Iranian team Teraktorsazi.