Step1 : Initialize IPTABLE
iptables -F
iptables -X
iptables -t nat -F
iptables -t nat -X
iptables -t mangle -F
iptables -t mangle -X
iptables -t raw -F
iptables -t raw -X
iptables -t security -F
iptables -t security -X
iptables -P INPUT ACCEPT
iptables -P FORWARD ACCEPT
iptables -P OUTPUT ACCEPT
iptables -A INPUT -j ACCEPT
iptables -A OUTPUT -j ACCEPT
iptables -A FORWARD -j ACCEPT
Step 2: Block the traffic from an IP
iptables -I INPUT 1 -s <IP> -j DROP
Step 3: Commit the changes
/sbin/service iptables save