Fifa will open a full investigation into allegations Mohamed Bin Hammam and Jack Warner offered financial incentives to members of the Caribbean Football Union.
The Fifa ethics committee confirmed on Sunday the provisional suspension of the pair - who deny the allegations - from all football activity, but cleared Fifa president Sepp Blatter of turning a blind eye to the alleged bribes.
The committee, chaired by Nambibian Petrus Damaseb, heard 62-year-old Qatari Bin Hammam, Warner and Blatter during a dramatic day which had started with Bin Hammam withdrawing from the presidential election in which he was Blatter's sole opponent.
The organisation's presidential election will now go ahead as planned on Wednesday, with Blatter set to be re-elected unopposed to a fourth term.
In giving their findings, the ethics committee said there was sufficient evidence to further investigate allegations that Bin Hammam and Warner offered $40,000 (£24,233) bribes to delegates at a Caribbean football association meeting on May 10-11 in Trinidad.
The payments were allegedly made to secure votes for Bin Hammam in his campaign to unseat Blatter as the head of football's governing body. The evidence was submitted to Fifa by American executive committee member Chuck Blazer.
Damaseb, deputy chairman of the ethics committee, said at a news conference: "Mr Bin Hammam is hereby provisionally banned from taking part in any football-related activity until Fifa's ethics committee take a decision on this matter, and the same decision for Mr Jack Warner.
"We are satisfied that there is a case to be answered."
Blatter was accused by Bin Hammam of knowing about the payments and not reporting them but he told the ethics committee he had warned Warner that any such payments were not appropriate.
Damaseb said: "The committee took the view that the obligation to report did not arise because at that stage no wrongdoing had occurred."
If found guilty, Bin Hammam, who heads Asia's football confederation, and Warner, a Fifa vice president from Trinidad, could be expelled from Fifa and banned from all football activity.
Two officials from the CFU, Debbie Minguell and Jason Sylvester, who were alleged to have handed over the money, have also been suspended pending a full inquiry.