Terms of the deal were not released.
The Lakers worked out Waiters this week after clearing a roster spot by waiving guard Troy Daniels on Sunday.
Waiters played only three games this season for the Miami Heat -- the most recent on Jan. 28 -- because of suspensions and poor conditioning. He has shown himself to be a talented scorer and playmaker in past seasons with the Heat and Cleveland Cavaliers.
The Lakers have been interested in acquiring another scoring playmaker for their second unit.
Waiters, 28, has averaged 13.2 points in his career.