The team made the announcement Thursday on Twitter.
Lowry was injured in Toronto's 128-92 win over the New York Knicks on Monday night when New York rookie center Mitchell Robinson fell on Lowry's ankle. Lowry, who had just returned after missing two games with a left ankle injury, had to be helped to the locker room.
He missed Toronto's 132-114 overtime victory at Oklahoma City on Wednesday.
Lowry, 32, will miss his 15th game this season due to back, hip and ankle injuries. He is averaging 14.8 points and 9.0 assists per game.