The Raptors didn't reveal a timetable for Lowry's return, saying his condition "will be updated as appropriate." Toronto's Eastern Conference semifinal series against the Boston Celtics starts Thursday.
Lowry suffered the ankle injury with a little more than three minutes remaining in the first quarter of Sunday's Game 4 between the Raptors and Brooklyn Nets. The six-time All-Star was dribbling up the court when Nets guard Chris Chiozza cut him off. Lowry stepped on Chiozza's foot, and the Raptors star began limping immediately.
Lowry reentered the game after a brief timeout but subbed himself out of the contest following an offensive possession. He then headed straight for the locker room and didn't return to the game.
Despite losing Lowry, the Raptors cruised to a 150-122 win over the Nets to earn their first postseason series sweep in franchise history.
"You certainly want your best players out there, without question," Raptors head coach Nick Nurse said after the game. "But sometimes you don't have much choice. That's something we've become accustomed to in this league. You have to go out there with who is healthy and who is available.
"You have to think there's a good chance you can figure out a way to win. That's what we'll do either way."
Lowry, who averaged 19.4 points, 7.5 assists and five rebounds during the regular season, averaged 16 points, 5.3 assists and 8.7 rebounds in Toronto's first three playoff games.
Meanwhile, the Dallas Mavericks could be without All-Star big man Kristaps Porzingis for a second consecutive game in their first-round Western Conference playoff series against the Los Angeles Clippers.
The Mavs on Monday listed Porzingis as questionable for Tuesday's Game 5 against the Clippers due to the right knee soreness that forced him to sit out Sunday's Game 4.
"Look, a lot of this is going to be hour-to-hour, minute-to-minute type stuff, probably in the latter stages of tomorrow," Carlisle said Monday. "The game is at [9 p.m. EDT] tomorrow night, so it may be late in the day, late in the evening, before we know for sure.
"I will say that there's nothing on the MRI that has ruled him out a day before the game, and that's good news. I think we can take some stock in that, and we will just have to see where we are tomorrow. ... We'll know a little more tomorrow, but this may be a game-time decision similar to what Luka's was [Sunday]."
Mavericks star Luka Doncic was a game-time decision Sunday afternoon due to a sprained left ankle. The 21-year-old was active and went on to post a historic triple-double -- 43 points, 17 rebounds and 13 assists -- and drilled an overtime buzzer-beater to even the series at two games apiece.
Carlisle said Doncic's ankle is "doing well," indicating that he likely will be available for Game 5.
"Luka's ankle is doing well, and he did well on it [Sunday]," Carlisle said. "And hopefully today off the floor will help that as well."