Lowry, who is averaging 21.8 points and 6.5 assists, was injured in the first quarter of a win Nov. 8 at New Orleans.
Lowry had offseason surgery to repair ligaments in his left thumb. The injuries are unrelated.
Coach Nick Nurse said Lowry’s playing time will not be restricted against the Heat.
The defending NBA champions went 9-2 without Lowry and have won a season-high seven straight overall. Toronto is 9-0 at home this season, a franchise record for home victories to begin a season.
Raptors forward Serge Ibaka, who sprained his right ankle in the same game that saw Lowry injured, returned to the lineup in Sunday’s win over Utah.
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