Former Australia captain Steve Smith and vice-captain Warner have both been slapped with 12-month bans from international and domestic cricket for their role in a scandal that has rocked the sport.
Cameron Bancroft, who was caught on camera attempting to scuff up the ball with improvised sandpaper during the Cape Town test, was banned for nine months.
Even before Cricket Australia banned Warner and announced he would never be considered for a team leadership position again, LG said on Wednesday the company would not be giving 31-year-old a new deal.
"LG's current sponsorship of David Warner is in the final weeks and in light of recent events, we have decided not to renew our partnership," an LG spokeswoman said in a statement.
Opening batsman Warner first started working with LG as the South Korean company's brand ambassador in 2014.
Several of CA's major sponsors, including cereal maker Sanitarium, have said they would await the results of a full investigation into the scandal before deciding on the future of their deals with the governing body.
Later on Wednesday, Warner's IPL franchise, Sunrisers Hyderabad, announced he had stepped down as captain.
That was before IPL chairman Rajeev Shukla said both Smith and Warner have been banned from this year's competition beginning in Mumbai on April 7.
"We respect the decision of Cricket Australia, now they have banned these players for one year, keeping that in mind we have also decided in IPL these two players can't play," Shukla said.
The teams will be allowed replacement players, he added.
Warner, who led the Sunrisers to their maiden IPL title in 2016, had agreed a 120 million Indian rupees (1.3 million pounds) deal in January to remain with the team in 2018.
Smith stepped down as captain of the IPL's Rajasthan Royals team on Monday.
(Reporting by Amlan Chakraborty in New Delhi; Editing by John O'Brien and Christian Radnedge)
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