The ban means that the Brazil captain will miss Brazil's final Group C game against Venezuela on Sunday and any potential knockout stage matches. He has also been fined 10,000 dollars.
The 23-year-old was shown a red card after getting involved in a heated altercation with members of the Colombian team after Brazil's 1-0 loss on Thursday.
The Barcelona striker kicked a ball at Colombia's Pablo Armero after the final whistle had been blown before appearing to head-butt another player.
Neymar would have missed the match against Venezuela regardless as he picked up a yellow card in the 45th minute of the game, his second of the tournament.
Meanwhile, Colombia forward Carlos Bacca was handed a two-game ban for shoving Neymar in the back in retaliation.
Both players have the right to appeal their suspensions.