In a statement released on Saturday night, the club said Sheldon and Hanley were handed unspecified financial sanctions for failing to obey a police direction.
The sanctions were decided on after a meeting of the Lions' standards committee which was attended by both players.
"The players showed genuine remorse at putting the club in this position and expressed their disappointment at themselves for letting down not only the club, but their teammates and staff, corporate partners, members and fans," the statement said.
Sheldon and Hanley, who are on annual leave, will also face further penalty when the leadership group returns for pre-season training in early November.
Lions football manager Dean Warren said it was important the club upheld community standards.
"We have high expectations when it comes to our culture and the behavioural standards of our players," Warren said.
"While this incident was certainly out of character for both Sam and Pearce, both are fully aware of their obligations as Brisbane Lions players, which is why we have taken this action. Sam and Pearce accept and understand they made a poor decision on the night."
