The prolific striker lost his temper in the closing stages of the game after failing to make an impact, kicking out and raising a hand to strike Cordoba defender Edimar in the face, leaving referee Alejandro Hernandez no other choice but to dismiss him, reports goal.com.
Ronaldo was quick to apologise after the incident, while Edimar called for La Liga's disciplinary committee to show leniency, and the Portugal captain has escaped a lengthy ban.
The 29-year-old will miss the La Liga games against Real Sociedad and Sevilla as a result of his suspension.
Ronaldo has been in sublime form for Madrid in 2014-15, netting 36 goals in 31 appearances in all competitions.
The former Manchester United star's absence means Ancelotti could turn to promising youngster Jese Rodriguez, who recently made his comeback after a lengthy spell on the sidelines due to injury.