Paraguay coach banned from final after brawl
Both sides were also fined $10,000 for the fight which broke out after Paraguay defender Dario Veron scored the winning spot-kick to send his side into Sunday's final against Uruguay in Buenos Aires.
Martino, who exchanged angry words with Venezuela coach Cesar Farias and was sent to the stands during the game for remonstrating with the referee, must sit out two games, the South American Football Confederation (CSF) said on its website.
His assistant Jorge Pautasso was suspended for Sunday's final.
The teams were warned that they faced serious sanctions for any similar trouble in the future but none of the players involved in the free-for-all were punished.
Paraguay are already without midfielder Jonathan Santana after he was sent off against Venezuela while striker Roque Santa Cruz and left back Aureliano Torres are injured and rated as doubtful.
The CSF also announced that Brazilian Salvio Fagundes would referee the final.