Wallace signed for Chelsea in the January 2013 transfer window, and was immediately loaned back to former club Fluminense until the end of the season.

An attacking right-back, he made his senior debut in Brazil as a 17-year-old, helping Fluminense to the 2012 Brazilian league championship, the Rio State League and Guanabara Cup.

Wallace was part of the Brazil squad that won the South American Under-17 championship in 2011, and helped his country to a fourth-placed finish at the World Cup in Mexico at the same level, playing alongside Lucas Piazon. He later bacame an Under-20 international, 

Wallace played his first games in a Chelsea shirt during our summer tour of Asia in July 2013, impressing with his quick feet and willingness to join attacks.

He signed for Inter Milan on loan in August 2013 and spent a year with the Serie A side, featuring infrequently. In the 2014/15 season he was on loan at Vitesse Arnhem where he played 16+7 games, scoring once. 

He spent the first half of the 2015/16 season on loan in Serie A, playing for newly-promoted Carpi, before moving back to his homeland with a loan to Gremio until June 2017. He made 11 appearances for the Brazilian club.