Elmer D. Wallace (July 5, 1844 – May 21, 1928) was an American politician in the state of North Dakota.

Wallace served in the United States Civil War in the Union Army.

After the war, he worked as a druggist and in the produce business in Michigan before relocating to Dakota Territory in 1881 to a farm in Edendale Township in Steele County, North Dakota.

He served as a delegate to the North Dakota constitutional convention of 1889 and as chairman of the committee on public debts and public works for the state.

Wallace served as lieutenant governor as an independent Democrat under Eli C. D. Shortridge from 1893 to 1895.