The issue came to light after last Sunday’s Championship game against Wolverhampton Wanderers at Molineux, when fellow City supporters brought the matter to the attention of the authorities.
A club statement read: "Norwich City can confirm two male supporters have been suspended from attending games at Carrow Road, pending the outcome of the club’s ongoing investigation into allegations of racist abuse at last Sunday’s Sky Bet Championship game against Wolverhampton Wanderers at Molineux.
"As previously reported, the club has received numerous complaints from Norwich supporters who were at the match and we would like to thank all of those who have come forward to provide detailed eye-witness accounts of the incident.
"If, as a result of our investigation, the club is satisfied any individuals are guilty of racist behaviour, we will issue them with lifetime bans from attending games at Carrow Road."
Norwich had Martin Olsson sent off after Dave Edwards scored a second-half winner for Wolves.
In 2011, a supporter was banned for life by Norwich for posting a racist remark about James Vaughan on social media.