Krishnan Guru-Murthy has been taken off-air for a week after he called Steve Baker a "c***" following an interview.
The Channel 4 News presenter was overheard making the slur to the Northern Ireland minister before laughing in a clip that was widely shared on social media last night.
A statement from the broadcaster said: "Channel 4 has a strict code of conduct for all its employees, including its programming teams and on-air presenters, and takes any breaches seriously.
"Following an off-air incident Channel 4 News anchor Krishnan Guru-Murthy has been taken off air for a week."
Guru-Murthy will not return to Channel 4 News before November 4 due to a pre-existing week of leave.
In the 20-second snippet, a camera pointed towards a police officer standing outside No 10 after Suella Braverman resigned as Home Secretary.
It's not clear if Mr Guru-Murthy realised he was still wearing his mic, as he said off-camera: "Thanks a lot, Steve."
Mr Baker's response couldn't be heard as the presenter continued: "It wasn't a stupid question, Steve, you know it. I'm very happy to go up against you on [PM Liz] Truss any day."
He then laughed before saying: "What a c***".
The presenter apologised after what he described as a "robust" exchange.
He tweeted: "After a robust interview with Steve Baker MP I used a very offensive word in an unguarded moment off air.
"While it was not broadcast that word in any context is beneath the standards I set myself and I apologise unreservedly.
"I have reached out to Steve Baker to say sorry."
Mr Baker had called for the veteran broadcaster to be sacked if it was proved he was "in breach of his code of conduct".
He told Times Radio: "I had an interview earlier with a journalist I don't have a great deal of regard for who I felt was misrepresenting the situation through the construction of his question, which I called out, I think live on air, or I thought it was a pre-record.
"And he clearly didn't like that, quite right, too. But I'd be quite honest, I spent a long time live on air, calling him out on his conduct as a journalist and glad to do so any time.
"But it's most unfortunate that he's sworn on air like that. If it's in breach of his code of conduct, I do hope they sack him - it would be a service to the public."
Baker later replied to Guru-Murthy's tweet, accepting the apology and saying he "appreciated" the gesture.
