Hibbert, fresh from a victory over the Miami Heat in Saturday's Game 6 of the Eastern Conference finals, was asked about how tough it was to guard the Heat's LeBron James underneath the basket.
He ended a response to the question by saying "no homo."
"I am apologizing for insensitive remarks made during the post-game press conference after our victory over Miami Saturday night," Hibbert said in a statement released by the Pacers.
"They were disrespectful and offensive and not a reflection of my personal views. I used a slang term that is not appropriate in any setting, private or public, and the language I used definitely has no place in a public forum, especially over live television."
In the same post-game session, the Pacers center also used an expletive when asked about his low vote total in the balloting for NBA Defensive Player of the Year award.
Despite the apology, NBA Commissioner David Stern fined Hibbert $75,000.
"While Roy has issued an apology, which is no doubt sincere, a fine is necessary to reinforce that such offensive comments will not be tolerated by the NBA," Stern said.
The incident came as Indiana was preparing for a winner-take-all Game 7 Monday in Miami.