1:42 PM PT -- The MLB and Blue Jays have suspended Pillar for two games.

Toronto Blue Jays outfielder Kevin Pillar is apologizing for using the homophobic f-word in a verbal attack on a Braves pitcher during Wednesday's game ... saying, "This is not who I am."

Pillar mouthed the word to Jason Motte after he struck out during the 7th inning. Both teams stormed the field but miraculously, it didn't get violent.

Now, Pillar is owning up to hurling the horrible slur -- "[By using that word], I had just helped extend the use of a word that has no place in baseball, in sports or anywhere in society today."

"I'm completely and utterly embarrassed and feel horrible to have put the fans, my teammates and the Blue Jays organization in this position."

Pillar says he personally apologized to Motte -- but wants to reach out to the LBGTQ community and express his regrets for the "lack of respect" he displayed during the game.

"This is not who I am and will use this as an opportunity to better myself."

The MLB is investigating the incident to determine any possible punishment.