Mohammed al Aifuri, who came seventh in the men's super-heavyweight +105kg category at the Asiad, was the second test failure announced Tuesday and the fourth since the start of the 15-day Games.
The OCA said a test taken on September 14, before the start of the Games, detected anabolic steroids etiocholanolone and androsterone, which are banned by the World Anti-Doping Agency.
Earlier today, a wushu gold medallist from Malaysia was announced as having tested positive for a stimulant.
The Iraqi team chief Taleb Faisal told AFP he had not yet been "officially informed" of the failure and that it would be for the International Weightlifting Federation (IWF) to decide whether Aifuri should now be banned.
The 32-year-old Aifuri was also banned by the IWF in 2008 for taking metandienone, another banned steroid.
Weightlifting was once notorious for drug-taking to boost performance, but it has cut the number of failed tests in recent years.