Raptors assistant Jamaal Magloire was also fined $15,000 for pushing Bulls forward Nikola Mirotic. The league said Magloire acted "as other than a peacemaker."
The NBA announced the discipline on Wednesday, less than 24 hours after the altercation.
Lopez sat out the Bulls' win against the visiting Detroit Pistons on Wednesday night and will lose out on $120,715. Ibaka will miss Toronto's matchup at Miami on Thursday, and it will cost him $111,364.
The heated exchange erupted when Ibaka grabbed the ball and threw an elbow near the back of Lopez after a made 3-pointer, at which point Lopez fell backward into Ibaka and took a swipe at the ball. Ibaka appeared to shove Lopez, and Lopez threw a punch at and missed Ibaka, who retaliated by taking a swing at Lopez, barely connecting with the head of the Chicago center.
Ibaka and Lopez continued to go at each other, which led to several other players and assistant coaches from each bench joining the fray.
The two players continued to lob harsh words at each other and were separated by teammates.
Both players were ejected for fighting following a long review.
Speaking on Wednesday, Bulls coach Fred Hoiberg said Lopez's suspension was warranted "based on what the rule is," but he defended the character of his player.
"You ask anybody in that locker room, Robin Lopez is one of the most, if not the most, popular guy on this team," Hoiberg said. "He's a guy that goes out and he approaches his job the same way every day. He goes to work, he never complains, he does what's asked of him -- he's as passionate a guy as we have on this team, as well. He's got a fire to him that you just don't ever want to take away.
"This game gets very competitive, obviously. It gets heated at times. That happened last night. It's unfortunate what went down. We've all got Robin's back. I think everybody in this organization, from the players, all the way up top, has Robin's back. We'll deal with it and move on, and we'll be happy to have him in the lineup on Friday."
Information from ESPN's Nick Friedell and The Associated Press was used in this report.