The forward has also been hit with a substantial fine and been reminded of his responsibilities by the club, who have now lifted his suspension.
Villa banned Agbonlahor from the club after he was pictured apparently partying immediately after their relegation from the Premier League earlier this month.
Agbonlahor will be available for selection from Monday and will not feature in this weekend's trip to Watford as Villa look to avoid a club record-equalling 11th straight league defeat.
A club statement read: "Aston Villa Football Club can confirm the investigation concerning Gabby Agbonlahor's conduct has reached a conclusion.
"The player has received a substantial fine and been reminded of his responsibilities as a professional footballer at Aston Villa.
"His suspension is now lifted and he will be available for selection from Monday. Gabby has also advised he wishes to relinquish the role of club captain."
The 29-year-old had previously been investigated, with Villa opting to take no further action, after being snapped on holiday in Dubai in March appearing to hold a shisha pipe.
Last month he was also put on a personal fitness plan by caretaker boss Eric Black after he said Agbonlahor was not in the condition to aid Villa's failed survival bid.
Agbonlahor is Villa's longest serving current player and their record Premier League goalscorer, having netted 73 times since his debut in 2006.
The club are also investigating Jores Okore after the defender said he was not in the right frame of mind to be on the bench for this month's 2-1 defeat to AFC Bournemouth. The Denmark international is training with the under-21's.
Villa lost 4-2 to Southampton last weekend with Joleon Lescott, Micah Richards, Leandro Bacuna and Brad Guzan jeered by supporters.
But Black, who replaced Remi Garde last month, insisted none of his players have expressed any concerns about their treatment from the terraces.
He said: "Nobody has come and spoken to me about it - they are professional footballers and have to put up with things which are difficult. I have to focus on getting them ready to play.
"It's not an easy time for the club."
Libor Kozak is due for an operation on his ankle while Richards is a doubt with a knee injury, Kieran Richardson has a calf issue and Ciaran Clark is nursing a knock.