They could be forced to play a future home European match behind closed doors for the behaviour of their fans in Europa League matches against Tottenham and Maribor.
UEFA announced the sanctions this evening for racist chanting and the lighting of fireworks by Lazio fans in the two group stage games before Christmas.
A UEFA statement read: "The UEFA control and disciplinary body has issued a deferred decision ordering Lazio to play their next UEFA club competition match behind closed doors. This sanction has been suspended for a probationary period of two years.
"In addition, a fine of 50,000 euros (£43,000) was imposed on Lazio for the racist conduct of their supporters, ignition of fireworks and incidents of a non-sporting nature at their UEFA Europa League group stage game against NK Maribor in Slovenia on December 6, 2012.
"In another decision, Lazio have been fined 90,000 euros (£77,000) for the racist behaviour of their fans, throwing of missiles and/or fireworks, incidents of a non-sporting nature, late handling of their team sheet and late arrival at the stadium at the UEFA Europa League group stage match against Tottenham Hotspur on November 22, 2012 in Rome."
Lazio finished top of Group J with 12 points from their six games and will play Borussia Monchengladbach in the last 32.
UEFA have also fined Maribor 17,000 euros (£15,000) and Spurs 10,000 euros (£8,600) for crowd incidents in the group games against Lazio.
The clubs have three days to appeal.