Backup quarterback Ryan Nassib also landed on IR with an elbow injury.
Vereen, 27, had his season derailed by the triceps he originally tore in his left arm during a Week 3 loss to the Eagles. He was placed on IR and later activated prior to a Week 14 matchup with the Dallas Cowboys. He left that game early with a concussion but returned for Sunday's victory over the Detroit Lions.
Vereen could be seen with his left arm dangling after he lunged for a fourth-quarter pass against the Lions. He also fumbled earlier in the contest near the goal line after being sandwiched by a pair of Lions defenders near the goal line.
"Yes, he reinjured his triceps," coach Ben McAdoo said during a Monday night conference call with reporters. "It's unfortunate. He worked his tail off to get back to where he was. I'm disappointed for Shane."
The loss of Vereen is a blow to the Giants. Vereen was their second-leading receiver last season, and his versatility was an asset to the offense as their running back on passing downs.
The Giants were optimistic about adding him to a struggling unit down the stretch. Their offense is currently ranked 27th in yards, and they're 24th in points per game at 19.4.
Vereen adds a unique dimension with his ability to catch passes out of the backfield.
"He's a good playmaker," McAdoo said prior to his return. "The more of those you have on the field at the same time, the better off you'll be."
Vereen finishes this season with 11 receptions. He had 59 last year.
Nassib had dealt with elbow pain earlier this season, but he was a late scratch Sunday against the Lions. Two days later, he landed on IR.
Linebacker Ishaq Williams and running back George Winn were added from the practice squad to take Vereen and Nassib's spots.