With the Raptors trailing 51-27, Calderon was sprinting down the floor when he stepped on Brandon Knight's foot and sprained his right ankle.
Calderon was helped back to the locker room by two teammates without putting any weight on the ankle. Moments later, the team announced that he would not return to the game.
X-rays on Calderon's ankle were negative, but he is not expected to play in Sunday's game against Milwaukee.
"We'll have to come up with something," Raptors coach Dwane Casey said about replacing Calderon in the lineup. "We have Jerryd (Bayless) and (Gary) Forbes at the point, and LB (Leandro Barbosa) can slide over. We'll figure it out. It isn't an excuse."
Information from The Associated Press was used in this report.