The forward scored the equaliser for Hearts on Sunday before teenager Aaron Hickey’s deflected shot gave the Jambos a 2-1 win at Easter Road.
But footage, from the Hibees TV match say vlog, has emerged in which a nearby fan can be heard shouting the word ‘monkey,’ apparently towards Ikpeazu.
The comment can be heard about eight minutes and 17 seconds into the video clip.
A Hibs spokesman said: “Hibernian Football Club condemns any form of racist behaviour. We are aware of the clip in question and will be reviewing it with our safety and security team.”
It follows a number of ugly incidents in the fixture in recent games, including a game last season why then-Hibs boss Neil Lennon being hit by a coin at Tynescatle and Hearts keeper, Bobby Zlamal, being punched by a Hibs fan.