Born near Laurens, South Carolina, he moved to Union County in 1833. He was a major general of the State militia. He studied law and engaged in agricultural pursuits. After being admitted to the bar, the practiced law in Union and Jonesville, Union County, South Carolina. He was elected to the State house of representatives in 1846 and served until 1847.
Wallace was elected as a Democrat to the Thirtieth Congress to fill the vacancy caused by the death of James A. Black. He was reelected to the Thirty-first and Thirty-second Congresses and served from June 12, 1848, to March 3, 1853.