Former Army chief Lord Richard Dannatt and businessman Lord David Evans faced suspensions after being found in violation of House of Lords rules.
Both peers were found to have breached rules by providing parliamentary services in exchange for payments or other rewards.
Lord Dannatt is set to be suspended for four months while Lord Evans will face a five-month suspension.
The House of Lords’ ethics watchdog began separate investigations into Lord Dannatt and Lord Evans after an undercover operation by the Guardian newspaper.
Neither of the two peers challenged the findings or the penalties which will take effect one they are approved by the House of Lords.
During the investigation, the standards commissioner discovered that Lord Dannatt violated the House of Lords' rule by contacting ministers and government officials about three companies, UK Nitrogen, Teledyne UK and Blue International Holdings in which he had financial interests.
While, Lord Evans broke the House of Lords' rules in four ways, including by sponsoring parliamentary events for a company owned by his son, in which he personally owned-third of the shares.
Lord Dannatt was caught on camera telling journalists, posing as potential clients, that he could connect them with government officials and key ministers.
However, the investigation found that he did not actually engage in lobbying and did not receive any payment.
