The banner, raised in a prominent position behind the goal, showed the head of Steven Defour being held by Jason Voorhees, the murderous antagonist of the "Friday the 13th" horror movie series.
Next to the image, fans had written "Red or Dead".
Belgian international Defour transferred from Standard to Porto in 2011 before joining Anderlecht last August in a club record 6 million euro (4 million pound) move.
"We're working together with police to catch as many of the authors of this banner as possible," a spokeswoman for the interior ministry said on Monday.
She added that individuals faced fines of up to 5,000 euros and could be banned from the stadium for up to five years.
Politicians also voiced their anger over the banner.
"The banner... was in bad taste, it was stupid and unacceptable," Belgian Foreign Minister Didier Reynders tweeted.
Fellow Standard supporter and former prime minister Yves Leterme also expressed his disappointment.
"Standard-Anderlecht has been ruined by a minority of supporters. I remain a supporter but feel ashamed by the banner tonight," Leterme wrote on Twitter.
A cartoon was posted on the Facebook page of Standard fan group 'Ultras Inferno 1996' with the caption "I'm sorry" and a Jason figure holding a board saying "or not".
The banner was just one incident on a bad day for Defour, who was sent off as his side lost 2-0.
Standard Liege were not immediately available for comment.
(Reporting by Robert-Jan Bartunek; Editing by Philip Blenkinsop/John O'Brien)
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