Former All Black Holah was cited after tripping Edinburgh's Chris Paterson in the Welsh region's 33-16 Magners League victory last weekend.
The 34-year-old back-rower was found guilty by a Welsh Rugby Union disciplinary panel of tripping and playing the Scottish international without the ball and suspended for two weeks.
Holah will also miss the return encounter with Munster at Liberty Stadium a week later.
A statement released by the WRU read: “The player was found guilty on both counts with the offences being considered ‘mid range’.”
Meanwhile, former France captain Raphael Ibanez has backed Ospreys to become Wales’s first Heineken Cup winners.
“The challenge for the Ospreys is in their heads, to turn an attacking side into a clinical one with a killer instinct on the big stage. Ospreys have got so many good players and so much experience. There isn’t any reason why they can’t go through from this group.
“If they get it together mentally and find that killer instinct I have talked about, this season they could be the surprise package and become the first Welsh champions of Europe.”
Wales legend Barry John, however, took a different view, writing in a Welsh newspaper column: “The Ospreys were humiliated in Limerick in 2009 and, while they have since won over there in the Magners League, this is the real serious stuff and I just can’t see them doing it again.”