Operator Straco Leisure, which owns the attraction, said the suspension is a "precautionary measure" and confirmed that no one was on board when the fault was discovered on Wednesday, Channel News Asia reported.
Shops and restaurants at the Singapore Flyer's retail terminal remain open, according to The Straits Times.
Launched in 2008, the Singapore Flyer stands 165 meters tall with a diameter of 150 meters, has 28 air-conditioned capsules, each able to accommodate 28 passengers, and incorporates a three-story terminal building.
The Flyer has an overall height of 165 meters, making it the world's tallest Ferris wheel upon completion. It was surpassed by the High Roller Ferris wheel which opened in 2014 in Las Vegas, the U.S. with a height of 167.6 m.
Last year, U.S.-based platform Tripadvisor named Singapore Flyer one of Asia's best tourist attractions.
However, it has experienced several breakdowns.
In January 2022, a technical fault forced the attraction to close for nearly three months before reopening on April 15.
Operations were also suspended for four months in November 2019 after an issue involving one of the spoke cables, during which all 39 passengers on board were evacuated.
In 2018, another technical problem shut the attraction for two months.