According to the Indy Star & News, the 23-year-old was taken into custody by Indianapolis Metropolitan Police after reportedly taking a pre-dawn swim in a city canal.
"After verifying the relevant facts, we today have suspended Pat McAfee for one game for conduct detrimental to the club," Colts president Bill Polian said in a statement.
"The suspension will take effect on Monday, October 25 and will run through the Houston game on Monday, November 1. We will have no further comment at this time."
McAfee is the fourth Colts player to be arrested this year on alcohol-related charges.
According to the local police report, the second-year player from West Virginia had a blood-alcohol content of 0.15 percent, almost twice the legal limit for driving in Indiana.
When asked by police officers how much he had consumed, McAfee replied: "A lot because I am drunk," the report said.
(Writing by Mark Lamport-Stokes in Los Angeles; Editing by Steve Ginsburg)