Lopez is reported to be in good health.
Earlier on Friday, the humanitarian mission picked up former councilman Armando Acuña from a separate unknown release site.
The two liberated men are now being flown back to their families who are awaiting their return in Bogota.
The final two hostages are due to be released on Sunday from a separate location in Colombia.
The five hostages being released this week comprise part of a group of 19 “exchangeable” political hostages the rebels hope to swap for hundreds of imprisoned guerrillas. The guerrilla group is also suspected of holding hundreds of civilians captive for extortion purposes.