Chlorophyll-a (chl-a) is a central water quality parameter that has been estimated through remote sensing bio-optical models. This work evaluated the performance of three well established reflectance based bio-optical algorithms to retrieve chl-a from in situ hyperspectral remote sensing reflectance datasets collected during three field campaigns in the Funil reservoir (Rio de Janeiro, Brazil). A Monte Carlo simulation was applied for all the algorithms to achieve the best calibration. The Normalized Difference Chlorophyll Index (NDCI) got the lowest error (17.85%). The in situ hyperspectral dataset was used to simulate the Ocean Land Color Instrument (OLCI) spectral bands by applying its spectral response function. Therefore, we evaluated its applicability to monitor water quality in tropical turbid inland waters using algorithms developed for MEdium Resolution Imaging Spectrometer (MERIS) data. The application of OLCI simulated spectral bands to the algorithms generated results similar to the in situ hyperspectral: an error of 17.64% was found for NDCI. Thus, OLCI data will be suitable for inland water quality monitoring using MERIS reflectance based bio-optical algorithms.