Ariza, one of 11 new players added by the Lakers in the offseason, underwent an arthroscopic debridement procedure Wednesday. He has missed most of training camp because of the ankle.
The Lakers said Ariza, 36, will be reevaluated in approximately eight weeks.
Ariza returned to L.A. for a second stint with the franchise after winning a championship alongside Kobe Bryant and Pau Gasol in 2009, signing a veterans minimum contract after being recruited by Russell Westbrook to join shortly after Westbrook was traded from Washington.
Ariza averaged 9.4 points and 4.8 rebounds for the Miami Heat last season, but only appeared in 30 of their 72 games.
"It's going to come together," Carmelo Anthony said after the loss to the Suns. "It's going to be pretty when it do."