Mistake can mean a lot things...
If you get suspended as a post HS student, there are two primary reasons why:
1. You broke the academic honor code that you didn't cheat/plagiarize.
2. You broke a student conduct code (may also be the honor code too) rule. More likely if you were FT and/or lived on campus. The rule could be for a huge variety of instances, like harassing a student or doing something illegal, but you weren't criminally charged for it. Colleges often hold student conduct board hearings on students who are charged of sexual misconduct, when criminal charges aren't filed, though this is mostly and undergrad issue, but it can affect grads too.
I assume you're talking about point 1.
At any rate, you'll have to explain what happened. Instead of making it a sob story which they don't want to hear, I'd write about how you learned from that experience and how you can assure the adcom that this won't happen again. And you need to make this as short as possible, while getting your point across.
Will you get into a top MBA program? Possibly if you can convince them that your strengths outweigh this issue.