The Flyers announced that they will receive Tampa's fourth-round pick in the 2017 NHL draft and a conditional 2017 seventh-round pick as part of the deal.
Both the Flyers and Lightning are battling for a playoff spot in the Eastern Conference, as they are four and five points out respectively.
In Streit, Tampa Bay acquires a 39-year-old veteran who has put up five goals and 21 points in 49 games this season.
He has registered 40 or more points in a season on six occasions and fills a need for a Tampa team that reportedly attempted to acquire defenseman Kevin Shattenkirk from the St. Louis Blues before he rejected the deal and was sent to the Washington Capitals instead, per Jeremy Rutherford of the St. Louis Post-Dispatch.
While the Swiss blueliner is set to hit free agency during the offseason, the 32-year-old Filppula has one year remaining on his deal at a cap hit of $5 million, according to NHLNumbers.com.
The native of Finland has seven goals and 27 assists for 34 points in 59 games this season.
His best performance was a 66-point performance with the Detroit Red Wings in 2011-12, and he also set a career high with 25 goals for the Bolts in 2013-14.
Filppula adds some offensive punch to a Flyers team that ranks just 21st in scoring this season.