Heat president Pat Riley described the reasoning behind Waiters' suspension as "conduct detrimental to the team."
"There were a number of unacceptable incidents this week, culminating with his unprofessional conduct on the bench [Friday] night," Riley said in a statement Saturday night. "As a consequence, I feel we had to suspend him."
Waiters appeared to get into a discussion with Heat head coach Erik Spoelstra during Friday's game, but the team didn't address what incidents led to his suspension.
Waiters played only 10 minutes in Friday's preseason finale against the Houston Rockets. He averaged 14.3 minutes per game in four preseason appearances this year.
The one-game suspension will cost Waiters about $83,448. The team said he will be permitted to return to the team on Thursday.
Waiters is entering his fourth season with the Heat. He has missed 126 out of a possible 246 NBA games over the last three years due to multiple injuries.
Waiters averaged 12 points, 2.8 assists and 2.6 rebounds in 25.9 minutes per game across 44 contests (28 starts) last season.