Warner is now serving a one-year ban - along with Steve Smith, who was also stripped of the captaincy - for his part in the scandal in South Africa, while Bancroft is suspended for nine months.
Bancroft is still contracted to Western Australia and Perth Scorchers and is set to join them for pre-season training in June.
Warner scored a stunning century in the comeback T20 match against the Australia National High Performance.
Speaking about Warner's signing, St. Lucia Stars' General Manager, Mohammad Khan said that the franchise was excited to have one of the greatest batsmen of the modern era.
According to a CPL media release, Warner has been signed by St Lucia Stars as a replacement of his compatriot D'Arcy Short, who will be playing for Australia A during their tour of India at the same time. The incident also led to suspensions for captain Steve Smith and opener Cameron Bancroft.
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Two saves from Suarez and a powerful volley from Cavani earned him Man of the Match award after the game. Uruguay won but doubts about the team's attacking qualities remain.
However, Warner will now mark a return to the game when he turns out for the Winnipeg Hawks in the inaugural Global T20 tournament in Canada, ESPNcricinfo reported.
But two months after that shameful episode, the southpaw played a T20 practice match against the Australia National High-Performance squad at Brisbane's Allan Border Oval.
Warner has also agreed to feature for Sydney's Randwick Petersham and in Darwin's NT Strike League as he serves his suspension.
This will be Warner's first appearance in the Caribbean Premier League. He further added his expectations of Warner adding value to the dressing room and on the field as well.