Frye will miss Friday's game against the Los Angeles Lakers while Granger will be out of the Pacers' game Tuesday against Philadelphia. The suspensions are without pay.
The NBA also fined Indiana's Earl Watson $30,000 and Roy Hibbert $25,000 and the Suns' Jason Richardson $25,000 for escalating an on-court incident.
The players became involved in a scrum late in the third period of Saturday's game in Phoenix. Frye said he didn't attempt to hit anybody when he became tangled up with Watson and they pushed each other and the other players became involved.
The NBA saw it differently, ruling Frye tried to hit Granger, who retaliated.
"In my opinion I didn't think it was a fighting situation," Frye told The Arizona Republic. "I wasn't there to hit anybody or punch anyone. They have to do what they have to do, not only to keep the image of the NBA up but to make sure everything is policed."