Schutt has apologised in the wake of her ban, announced on Thursday, which isn't related to performance-enhancements.
The 33-year-old strike bowler will serve the first match of her suspension on Thursday night when Australia meet New Zealand in a T20 fixture in Sydney.
Schutt failed to adhere to requirements under Sports Science and Sports Medicine guidelines with regard to prescription medication, Cricket Australia (CA) said.
"I fully accept the penalty handed down and apologise for failing to meet the standards expected of me," Schutt, a mainstay of Australia's women's team since her debut in 2012, said in a statement.
"I'm sorry for the attention this has caused and appreciate the support I've received.
"While this occurred out of competition and was not performance related, I understand that I am responsible for following the Sports Science and Sports Medicine Guidelines, which players receive regular education on and I should have adhered to these guidelines."
Cricket Australia said Schutt's breach related to "a single incidence which occurred while out of competition and was not for performance enhancing purposes".
"The two-match ban includes all international and domestic cricket," CA said in a statement.
"We will continue to provide appropriate support to Megan and reinforce the standards and responsibilities expected of everyone representing our game."
Schutt is among the top-10 all-time wicket-takers in women's cricket. The South Australian has taking 319 wickets in her 244 internationals - four Tests, 114 ODIs and 126 T20s.
The pace bowler most recently played for Australia in the three-match ODI series against Bangladesh, when she starred with 10 wickets in the series.
Australia's women host New Zealand in the third and final game of a T20 series at North Sydney Oval on Thursday night.
Schutt is expected to serve the second game of her ban when her Adelaide Strikers open their WBBL campaign against the Melbourne Stars on October 31.
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