The penalty was for an argument in which Olivo made contact with home-plate umpire Phil Cuzzi after being called out on a checked swing. Olivo was ejected from the game.
Olivo said he would not appeal the penalty and would serve the suspension during Wednesday afternoon's game against the Twins.
"I decided to take the suspension today, and I'll be done with it," Olivo said. "If I go and appeal, I'm not going to win anyway. They make their own rules, and that's it."
Olivo appeared to make slight contact with Cuzzi during the course of the argument, even though the player put his hands behind him as he approached the umpire.
"You review the videotape, and it surprises me," manager Trey Hillman said, "because I didn't feel it was intentional contact. I felt like it was a body-positioning thing. It wasn't a bump; it was a graze."
The suspension leaves the Royals with one catcher, Brayan Pena, for Wednesday's game.
"It's just one game, and I think [Mike] Jacobs is going to be the backup today," Pena said.
Jacobs was a catcher for the Mets before switching to first base. Also, outfielder Mitch Maier was a catcher when he signed with the Royals.
Olivo said he disagreed with the penalty.
"No, I think it's not [fair]. Things happen and he knows he got the wrong call, and I argued because I was right," Olivo said. "That's how the things happened."
Olivo has been suspended previously. He served four days at the beginning of the 2008 season for an on-field fracas with the Mets while he was playing for the Marlins in '07.
The announcement of Wednesday's suspension was made by Bob Watson, vice president of on-field operations for Major League Baseball.
Dick Kaegel is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.