The midfielder was given the marching orders in Saturday's La Liga clash for using abusive language towards Jose Luis Munuera Montero.
Bellingham was accused of saying "f*** you" to Montero, but Real Madrid boss Carlo Ancelotti insisted after the game that the 21-year-old had said "f*** off" and had not intended to insult the referee.
Real Madrid were leading 1-0 at the time of Bellingham's dismissal, but they ultimately had to settle for a point following Ante Budimir's second-half penalty.
Bellingham hit with two-match ban
There were fears that Bellingham could receive a lengthy ban for up to 12 matches for using insulting language towards a match official.
However, Real Madrid have now learned that the Spanish Football Federation (RFEF) have handed Bellingham a two-match suspension.
A red card was upheld by the RFEF's disciplinary committee, who stated that Bellingham showed "attitudes of contempt or lack of consideration towards referees".
As a result of the punishment, the England international is set to miss the next two La Liga matches against Girona and Real Betis.
Bellingham will of course be free to compete Wednesday's Champions League clash against Manchester City, as well as next week's Copa del Rey semi-final first leg against Real Sociedad.
Will Real Madrid appeal Bellingham ban?
The disciplinary committee's decision will not mark the end of the red card saga which has engulfed Spanish football since Saturday.
As per BBC Sport, Real Madrid have already indicated that they will appeal the decision to hit Bellingham with a two-match ban.
Los Blancos will be desperate not to lose the midfielder's services, especially in the middle of a tightly-contested title race.
Real Madrid are currently sitting behind leaders Barcelona on goal difference, while Atletico Madrid are just one point behind in third place.
Written by
Ben Sully