Coach Ben Jacobson announced the suspension in a statement Sunday night.
"Jordan used extremely poor judgment and as a result has let down himself, his teammates, his fellow students, as well as our alumni and fans," Jacobson said. "I am highly disappointed in Jordan and his actions."
Eglseder, the Panthers' second-leading scorer at 12.2 points per game, was arrested early Sunday. His arrest came just hours after the Panthers (No. 18 ESPN/USA Today, No. 19 AP) lost at Bradley 68-59 on Saturday to snap a six-game winning streak.
"I made a regretful decision last night," Eglseder said in a statement. "I want to apologize to my teammates as well as everyone who supports our basketball program. In particular, our student body, our fans and the university. I deeply regret my actions."
Eglseder is scheduled to return for Northern Iowa's regular-season finale against Illinois State on Feb. 27.
Information from The Associated Press was used in this report.