Use pypreprocessor
Which can also be found on PYPI (Python Package Index) and can be fetched using pip.
The basic example of usage is:
from pypreprocessor import pypreprocessor
pypreprocessor.parse()
#define debug
#ifdef debug
print('The source is in debug mode')
#else
print('The source is not in debug mode')
#endif
You can also output the postprocessed code to a file by specifying...
pypreprocessor.output = 'output_file_name.py'
anywhere between the pypreprocessor import and the call to parse().
The module is essentially the python implementation of C preprocessor conditional compilation.
SideNote: This is compatible with both python2x and python 3k
Disclaimer: I'm the author of pypreprocessor
Update:
I forgot to mention before. Unlike the if/else or if _debug: approaches described in other answers, this is a true preprocessor. The bytecode produced will not contain the code that is conditionally excluded.