The 22-year-old was charged with committing "an act of simulation" to earn his side a penalty in Saturday's 2-1 win over Dunfermline Athletic.
Hippolyte will miss the games against Queen of the South and Dumbarton.
Falkirk said in a statement: "We can confirm that Myles has accepted an immediate two-match suspension."
Hippolyte was judged to have dived - a breach of disciplinary rule 201 - during a challenge by Dunfermline goalkeeper Sean Murdoch that resulted in referee George Duncan pointing to the spot.
Aaron Muirhead scored the resulting penalty to draw the teams level at 1-1, with Falkirk eventually winning thanks to Nathan Austin's strike.
"Falkirk FC can confirm that a notice of complaint has been issued to midfielder Myles Hippolyte by the SFA compliance officer," the club added in their statement.
"No further comment will be made by Myles on this matter."
Hippolyte's suspension covers the final two Championship games of the season, although the forward will be available for the promotion play-offs.
Falkirk forward Myles Hippolyte has accepted a two-game suspension for diving from the Scottish Football Association's compliance officer.