The incident occurred on Sunday, as commentators were discussing the championship in Montpellier in southern France.
Simon Reed, who apparently thought his mic was off, joked about the Olympic gold medallist and coach Meagan Duhamel and called her "that b*tch from Canada", while Slater laughed at the comment.
"Don't worry about her", Reed said. "We didn't mention her by name", Slater responded. "The b*tch from Canada", Reed said, and the commentators laughed.
The remark came after Duhamel had criticised Reed and Slater, and even hinted that the International Skating Union (ISU) should replace them, saying there are "better options".
Both world championship announcers were then suspended by the ISU.
"The ISU is shocked by the language used by the two commentators which does not reflect its views whatsoever. The ISU strongly condemns any statements of a discriminatory or prejudicial nature", the organisation stated. "There is no place for harassing and abusive language or remarks and behavior in sport and our society. The ISU took instant action with its service provider to suspend both commentators with immediate effect and neither will cover any future Figure Skating events for the ISU".
According to Duhamel, she later received apologies from the union and from Reed.