As in the Monaco Grand Prix a fortnight ago, Hamilton was involved in two accidents in yesterday's rain-hit Canadian Grand Prix.
In wet conditions at the Circuit Gilles Villeneuve, after running into Mark Webber and sending the Australian spinning, Hamilton then collided with McLaren team-mate Jenson Button.
It was the first serious incident between the duo, with Hamilton attempting to overtake Button around the outside along the start-finish straight heading into lap eight.
Button, however, took the racing line and squeezed Hamilton against the pit wall, resulting in a puncture to the left-rear tyre and eventual retirement.
The stewards are to investigate the incident, which will be Hamilton's sixth visit to the four-man panel in seven races. For the safety of other drivers, Lauda believes the FIA have to punish Hamilton to teach him a lesson.
Speaking on German television station RTL during his commentary, Lauda said: "What Hamilton did there goes beyond all boundaries. He is completely mad. If the FIA does not punish him, I do not understand the world any more. At some point there has to be an end to all the jokes. You cannot drive like this as it will result in someone getting killed."
Hamilton, however, attempted to defend his actions .
"It was tricky conditions, I was doing the best I could to keep the car on track," said Hamilton. "I think I had pretty good pace, and whilst I fell behind Jenson, he made a mistake out of the last corner and I got the run on him.
"I think he outbraked himself going into the last chicane, and he got a pretty poor exit. Going down the straight, I felt I was halfway up the outside of him, but he kept moving across. Whether or not he saw me I don't know. There was no room for me and I was in the wall.
"It was only the tyre that was busted, so I put on the (differential] lock to drive it back to the garage. But the team told me to retire as they said the suspension had gone. It turns out it wasn't."
Asked if he felt Button's move was intentional, Hamilton replied: "I don't think so, I know Jenson quite well. He wouldn't do that."