Peters will sit out Sunday's game against the visiting Oakland Raiders (6-6) at Arrowhead Stadium.
"I had a chance to talk to Marcus and felt this was the right thing to do at this time," coach Andy Reid said on Wednesday. "I'm not making it any more than that."
In the waning moments of Sunday's game versus the Jets, Peters tossed a penalty flag into the stands after teammate Steven Nelson was called for defensive holding on a two-point conversion attempt. Peters was penalized for unsportsmanlike conduct, and perhaps assuming he would be ejected, walked to the locker room as the game continued.
When informed that he wasn't ejected, Peters returned to the field -- without socks. He did not return to the game.
Peters will be eligible to return to practice next week for the Chiefs (6-6), who then host the Los Angeles Chargers.
The 24-year-old Peters has a team-leading three interceptions to go along with 41 tackles, two forced fumbles and one fumble recovery in 12 games this season.
Peters has recorded 146 tackles, 17 interceptions and four fumble recoveries in 43 career games since being selected by Kansas City with the 18th overall pick of the 2015 draft.