The Ecuadorean Football Federation (FEF) said on its website it had handed down the punishment after the revelation this week of the 29-year-old Cheme's move to knock four years off his age.
It said it had decided "to sanction with a suspension of two years the player of the Club LDU Quito named Gonzalo Javier Chila, whose real name is Angel Lizardo Cheme, from his activity as a footballer."
The FEF added it would anul Gonzalo Chila's registration with the federation and submit details of the case to the civil courts.
The real Gonzalo Chila is an evangelical pastor, local media said. However, details of how Cheme came to take on the identity of Chila were not available.
LDU are 2-0 up against Emelec in the final of the Ecuadorean first division championship with the second leg on Sunday.
According to the website www.ecuagol.com, the FEF ruled on Friday night that the result of the first leg would stand.
