He started his career with Deportivo Saprissa, being part of their minor league system. After a season with Saprissa and then Belén, he was transferred alongside compatriot Jewisson Bennett to Zacatepec, of Mexico's professional football league. He then came back and signed with Saprissa's arch-rivals Alajuelense, earning a place in the starting line-up really quick and remained with the team for 7 years. From 2002, he spent a year on loan playing for San Luis in the Mexican Primera División before making a second return to Alajuelense. He later withdraw a lawsuit against his club, after claiming part of the transfer fee paid by San Luis to Alajuelense. He would end up playing a total of 424 league games and 80 international games for Liga.
In summer 2008 Wallace joined other high-profile players at ambitious Liberia Mía and he retired in summer 2010 after playing his final two seasons at the then renamed Águilas Guanacastecas.