"Speed walking. I pity you fool. You are a disgrace to the [Hu]man race."
The Snickers advert showed Mr T, whose real name is Laurence Tureaud, telling a speed walker in tight shorts that he is "a disgrace to the man race".
It was made by the same agency behind an advert for Heinz Deli Mayonnaise, featuring two men kissing, which was banned last month.
The latest advert, first shown in Britain on July 13, never aired on American television, but prompted a flood of complaints from the US claiming it was offensive to homosexuals.
During the advert, Mr T, who played B.A. Baracus in the 1980s series The A-Team, pulls up in a large truck next to a speed walker and shouts: "Speed walking. I pity you fool. You are a disgrace to the man race. It's time to run like a real man."
He then fires Snickers bars at the man until he breaks into a sprint.
The Advertising Standards Authority in Britain received just two complaints regarding the advert, but Mars terminated the campaign across the world because of the controversy in the US.
The company said the advert was intended to be humorous.