Some 24,763 people complained to the watchdog about the episode on ITV2 on August 6.
The pair had an explosive argument after the islanders were played a clip of Teddy telling Clarisse Juliette, who has since been eliminated, that he was attracted to her.
In the video, he told Clarisse he is “technically single” during an exchange and the pair were also shown kissing during a challenge.
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After the clip was played to the islanders, Faye expressed her outrage at what she had seen accusing Teddy of not being honest with her.
She said: “Did Teddy come back once and say he was sexually attracted to someone? No.”
She later told him: “I know my worth and for me, this is done.”
Ofcom said the vast majority of complaints related to the behaviour of a contestant following the game.
An Ofcom spokesperson said: “We’ve received a high volume of complaints about last week’s Love Island, which is consistent with a trend of growing complaints about high-profile TV shows.
“We are carefully assessing the complaints we’ve received, before deciding whether or not to investigate.”
A statement posted on Faye's social media page - run by someone else while she is on the show - said the nature of the show means audiences "can never see the full picture".
"You are watching a highly edited TV show which is created for entertainment - you can never see the full picture," it reads.
"Faye is human. She may not always get things right."
Lettings agent Faye and senior financial consultant Teddy have reconciled since the row.
On Tuesday’s episode, she told him: “I am really sorry for the way I spoke to you.
“There’s no excuse for the way I spoke to you or how I raised my voice and no-one should have someone speak to them like that.”