Indiana managed to pull off a 110-106 victory despite losing its star on Wednesday at Bankers Life Fieldhouse in Indianapolis.
The Pacers led 46-38 with about four minutes remaining in the first frame when Oladipo took off in transition to defend a Raptors fast-break.
He chased down Pascal Siakam as he neared the rim, as both players watched a pass go off target and out of bounds.
But Oladipo crashed to the floor during the sequence. Pacers medical staff rushed onto the court as Oladipo's teammates surrounded the All-Star in a sign of support. Oladipo waved to the crowd as he exited through a tunnel.
The Pacers tweeted an update on the injury during the game, saying Oladipo's injury is "serious." Indiana also said he will have an MRI on Thursday.
The 2017 All-Star is averaging 19.2 points and career-highs in rebounds (5.7) and assists (5.3) per game in 35 starts this season for the Pacers.