The Latics had hoped to overturn the red card shown to the defender during the first half of their 3-0 defeat by Newcastle at St James' Park on Monday.
Figueroa was sent off after he was deemed to have denied Toon striker Papiss Cisse a clear goalscoring opportunity when the pair clashed in the penalty area in the 12th minute.
In a statement, Wigan said: "The club prepared a detailed appeal including footage of the incident from every angle available and a detailed personal letter from manager Roberto Martinez but, after considering the evidence, the appeals panel came to their decision this afternoon that referee Mike Jones was correct in his decision on Monday."
Martinez added on Wigan's website: "We are disappointed, clearly, because we felt we put forward an excellent case. But we will draw a line under the incident and continue our preparations for Saturday."