"There were a number of unacceptable incidents this week, culminating with his unprofessional conduct on the bench last night," Heat president Pat Riley said in a statement Saturday night. "As a consequence, I feel we had to suspend him."
Waiters got into a discussion with Heat coach Erik Spoelstra during Friday night's game, but the Heat did not specifically address what any of the incidents were.
Waiters played only 10 minutes in Friday night's preseason finale -- nine players got more, not including Jimmy Butler, who got the night off for rest. Waiters averaged 14.3 minutes per game in four preseason appearances.
Waiters is the second player to face publicly announced punishment from the Heat this season. James Johnson was not permitted to attend training camp because his level of conditioning was not at the team's standards, and he returned to practice late in the preseason.
The one-game suspension will cost Waiters $83,448. There is no tax relief because it was a team-issued suspension.
Waiters is entering his fourth season with the Heat. He has missed 126 of a possible 246 games over the past three years, largely because of ankle injuries and a subsequent surgery on his foot and ankle.
Waiters averaged 12 points last season in 44 games. The Heat said he will be permitted to return to the team on Thursday.
ESPN's Bobby Marks and The Associated Press contributed to this report.