Wallace grew up in Atlanta, Georgia, and attended The Westminster Schools, where he lettered in basketball, both his junior and senior year.

[1] A graduate of Princeton University,[2] Wallace began his pro career in Germany, and he played with the Eisbären Bremerhaven for two years, before moving to Orlandina Basket (Capo D' Orlando) in the Italian first league.

[5] On August 6, 2013, Wallace signed a two-year deal with Italian club Emporio Armani Milano.

[8] On January 5, 2015, he signed with French club Le Mans Sarthe Basket, for the rest of the season.

[9] On January 4, 2016, he signed with Capitanes de Arecibo of the Puerto Rican Baloncesto Superior Nacional.