The Lakers used the 35th overall pick to select shooting guard Max Christie out of Michigan State.
Orlando will receive the better of either the Lakers' or Washington's second-round pick (which is owed to Los Angeles) in 2028, the Magic announced.
The deal allowed the Lakers to buy their way back into the draft after trading away both of their own picks. Los Angeles' eighth overall pick went to New Orleans as part of the Pelicans' mammoth haul from the trade of Anthony Davis, while the Lakers' second-round pick was moved in that same multiteam deal to Washington before eventually ending up with San Antonio.
The Lakers also are signing Scotty Pippen Jr., the son of NBA Hall of Famer Scottie Pippen, and Syracuse sharpshooter Cole Swider to two-way contracts, sources told ESPN's Dave McMenamin on Thursday night.
Orlando still had the first and 32nd overall selections in the draft.
The Lakers' perpetual win-now mentality around LeBron James left them without control of their own first-round pick for the fourth consecutive season, but their acquisition of this high-second-round pick allowed their strong scouting department to make a contribution to that quest.
The franchise has a solid record of drafting good players and signing quality undrafted talent over the past decade despite meager draft resources. The Lakers have picked up Kyle Kuzma, Ivica Zubac, Talen Horton-Tucker, Alex Caruso, Svi Mykhailiuk and Austin Reaves from the lower reaches of the draft pools over the past six years.
Los Angeles is in need of low-cost roster depth after finishing 33-49 and missing the play-in tournament this year. If Russell Westbrook exercises his $47 million player option, the Lakers will be above the salary cap from their commitments to James, Davis and Westbrook alone.
Vezenkov, 26, was a first-team All-EuroLeague forward this season. He was the 57th pick in the 2017 NBA draft.
The Cavaliers ended up with four picks in Thursday night's draft: Nos. 14, 39, 49 and 56.
After winning just 22 games in 2020-21, the Cavs went 44-38 last season under coach J.B. Bickerstaff and barely missed the playoffs. They made the play-in tournament but lost to Brooklyn and Atlanta. This year is the first time the Cavs haven't drafted in the top five since 2018.
The Associated Press contributed to this report.