Coach Mark Stoops announced the suspension and said in a statement he was "very concerned" about the allegations and everyone involved.
Stoops appeared shaken when discussing the situation after Tuesday's practice, saying, "Anytime somebody in our program has an issue like this, it's obviously a major concern. We just feel for all parties involved and we'll let the legal process go through its course."
The Lexington-Fayette County jail's website said Tubman was being held on a first-degree rape charge.
The university said in a release that the 6-foot-5, 225-pound Tubman was arrested by campus police following an incident last week at a residence hall on campus. The release also stated the 19-year-old, who played at Louisville Seneca High School, is also subject to discipline under the university's code of conduct.
The school said legal and student privacy regulations bar them from commenting on Tubman's participation in the student conduct process.
Stoops learned about the incident last Thursday and said "It was a tough time as you could imagine. ... I'm not so much concerned for myself in that situation. But really, it was very difficult to meet with Lloyd and meet with his mother and to see somebody in your program hurting. I feel for all parties.
"It's obviously not a situation that anybody wants to be in."
The university's legal counsel office had not released the campus police report as of Tuesday night.
The state's uniform citation only said that Tubman was arrested at 2:08 p.m. and taken to the Fayette County Detention Center without incident.
Tubman has not played this season and was likely to be redshirted.
His arrest and suspension comes less than a week after Wildcats freshmen teammates Stanley Williams, Dorian Baker, Drew Barker and Tymere Dubose were charged with second degree disorderly conduct for their involvement in air pistol shots being fired near a campus residence hall on Sept. 28. No one was injured, but the campus was locked down for several hours while police investigated.
Police found the air pistol the next day, along with three BB guns. Guns are banned on Kentucky's campus.
Stoops suspended the four players for last week's game against South Carolina for violating team rules but said Monday that they will be reinstated for Saturday's game against Louisiana-Monroe. The players face an Oct. 28 appearance in Fayette District Court and possible internal discipline for their roles in the incident.
Associated Press writers Elizabeth Campbell and Bruce Schreiner Louisville, Kentucky, and AP freelancer Ashley Scoby in Lexington contributed to this report.