At a gala celebration for AS, the pair were sat on the same table and exchanged words after Real's derby win over Atletico.
Ronaldo was already seated when Cerezo joined the table, shaking hands with Peter Lim, the owner of McLaren, and the Real star's agent Jorge Mendes, before confronting Ronaldo.
"Will there be an award for kicking?" asked Ronaldo, making a scissoring gesture with his hands after he had been hacked down by Atletico defender Luis Perea on the weekend.
Cerezo replied sarcastically, "I see a lot of kicks from you lately."
A Real official joined in: "We never kick."
Cerezo again replied: "Pepe, Carvalho, Ramos, you have very short memories."
An Atletico official added: "And Marcelo."
Then Ronaldo intervened: "Hey, you're talking about the best in the world."