[4] He made his Hearts debut on 23 January 2010, coming on as a late substitute in their Scottish Premier League match against Rangers at Ibrox.
Wallace scored his first goal for the club on 14 August, from the penalty spot, however was sent off in the dying minutes of the game for a professional foul.
[10] His contract with Airdrie was terminated in January 2011 by mutual consent, following a fight in the stadium car park with fellow player Scott Gibson.
[19] On 1 June 2012, it was announced that Wallace had agreed to join Scottish First Division side Dunfermline Athletic,[20] pending a compensation agreement with East Fife because of his age.
[23] A month after leaving East End Park, Wallace joined Scottish League One side Albion Rovers on a one-year deal.
[29] On 14 May 2019, it was announced that East Fife had agreed a fee with Arbroath for Wallace to return to the club, with the transfer to be completed in the summer of 2019.
[32] He scored an 88th-minute winner on his league debut for the club against former side Albion Rovers[33] and finished the season with four goals in 32 appearances.