The move on Friday comes two days after he was waived by the Lakers. Los Angeles did that to create salary-cap room for guard Kentavious Caldwell-Pope, whose signing hasn't been officially announced. The 6-foot-4 Nwaba averaged 6.0 points and 3.1 rebounds in 20 games for the Lakers last season.
The Bulls also signed former LSU guard Antonio Blakeney to a two-way contract. He went undrafted after averaging 17.2 points and earning All-SEC second-team honors last season.
Two-way contracts are new to the NBA for the upcoming season. They allow a player to spend up to 45 days on an NBA roster while also playing in the G League.