The 35-year-old veteran strained his left hamstring Friday night in Houston's 4-1 loss against the Cincinnati Reds at Minute Maid Park.
Lee is hitting .297 with four home runs, 23 RBI, eight doubles, a triple and 18 runs scored over 192 at-bats in 49 games for the Astros.
He's been the toughest hitter to strike out in the big leagues this season, as evident with fanning just 10 times over his 207 plate appearances.
His DL stint is backdated to June 2.
It officially marks just the second time in the veteran slugger's 14 career big league seasons in which he has been placed on the disabled list.
Wallace was hitting .265 with 10 home runs, 37 RBI and nine doubles while posting a .476 slugging percentage in 50 games for the RedHawks.
The 25-year-old infielder hit .259 with five homers, 29 RBI and 22 doubles over 336 at-bats in 115 games for the Astros last season.
He's played in 167 career major league games.