The move follows a presidential election that Western observers and the opposition condemned as fraudulent, and a crackdown on opposition supporters.
Mr Lukashenko, 51, who has been in power since 1994, was officially proclaimed winner of the March 19 election with a resounding 83 percent of the vote.
His nearest rival, Alexander Milinkevich, was credited with 6.1 percent.
The EU said further steps remain possible, such as the freezing of assets of the of the Belarussian leadership.
The visa ban was imposed at a meeting of EU foreign ministers.