I am a high school rower looking to be scouted by ivy league schools; However, I got one day suspended for cheating. Would this affect my chances?
Yes. Academic dishonesty is a very serious offense in the world of college admissions.
You should expand your list of targeted schools.
Agree with publisher.
And you will have to be up front about the suspension with all coaches who are recruiting you…they can not be surprised when you submit the application (where you will answer yes to the question that asks if you have been subject to disciplinary action in HS).
Work with your GC to discuss the best way to handle discussing the issue not only with coaches, but on your applications.
Good luck.
Teenagers do dumb things in high school, and colleges get that. Just answer honestly and see what happens. It’s anyone’s guess whether the incident will factor in or not. Ivy league schools turn down the vast majority of qualified applicants all the time. There’s just more applicants than they have slots to fill.
I’m assuming if you’re interested in these schools, you have excellent grades. Just find a good school that loves you back 
Very unlikely that any Ivy would accept a student who has been suspended for cheating, but that is just a guess on my part.