Defensive lineman Khalif Mitchell, reacting to Tuesday night's presidential debate, wrote that both Obama and Romney hide money with the Chinese.
Mitchell later tweeted that he didn't know the term was racist.
The Canadian Football League announced Wednesday afternoon it had fined Mitchell "for unacceptable comments made on Twitter that are in violation of the league's social media policy."
The amount of the fine has not been disclosed.
In a written statement, the B.C. Lions said, "Khalif made a statement after practice and apologized. There are no further comments forthcoming from the club."
When asked about the incident, B.C. Premier Christy Clark called it "stupid."
"It was stupid. We live in a province where we are trying to do everything we can to be inclusive and we are one of the most multi-cultural places on earth. I am incredibly proud of that, that's part of what makes us British Columbians, and I think a comment like that is just dumb."