Legendary trainer Bob Baffert has just been SUSPENDED by the Arkansas Racing Commission … after 2 of his horses tested positive for a banned substance.

Of course, Baffert is a Hall of Famer in the sport … and his horses have brought home the Triple Crown in 2015 (American Pharoah) and 2018 (Justify).

The 67-year-old was just hit with a 15-day suspension by the racing org. on Wednesday … after 2 of his horses tested positive for lidocaine, a banned numbing agent.

Both horses had just won races at Oaklawn Park recently … and the owners now have to forfeit their prize money.

Charlatan — which won a division of the Arkansas Derby back in May — earned $300,000 in prize money … and Gamine’s owner received a $36,000 check after placing 1st in another race earlier that day.

Baffert argued that the banned substance was transferred to the horses by accident … after an assistant trainer applied a medical patch to his back after breaking his pelvis.

But, the excuse didn’t cut it with the ARC … which handed down the punishment beginning August 1.