Wallace was ejected with 8:56 left in Portland's 100-92 victory over Phoenix after receiving his league-leading 27th technical.
Wallace charged official Gary Benson near midcourt and threw a towel that hit the referee in the face. Wallace repeatedly rushed at Benson and had to be held back by his coaches and teammates.
The NBA also cited Wallace's failure to leave the court in a timely manner in announcing the suspension, which will begin Saturday with a road game against the Los Angeles Clippers.
Portland coach Mike Dunleavy said Thursday night that there isn't much he can do to bring Wallace under control.
"That's up to him. He'll have to decide when that stops," Dunleavy said. "He left with a lot of time remaining and it could have cost us the game."
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