Arsenal appealed against the decision which was partially upheld and Lacazette's suspension was reduced to two matches, which he has already served.
"The appeal lodged by Arsenal FC has been partially upheld," UEFA said in a statement.
Lacazette missed the last-32 second leg against BATE which Arsenal won 3-0 and their 3-1 round of 16 first-leg defeat in Rennes.
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(Reporting by Shrivathsa Sridhar in Bengaluru, editing by Ed Osmond)
