Palomeque was barred from the 400-meter heats by a provisional suspension imposed on Aug. 4. The 18-year-old athlete tested positive for testosterone in a urine sample taken in London on July 26.
The IOC says it withdrew Palomeque's Olympic accreditation after the backup sample confirmed the doping offence.
The IOC wants the Colombian Olympic committee to investigate "injections administered to the athlete by his coach, Raul Diaz Quejada, and to take any appropriate sanctions."
The IAAF has been asked to sanction Palomeque.