According to ESPN.com's Mike Rodak, Streater appeared to suffer the injury when he was tackled after making a 12-yard catch.
Rodak noted Streater "had been making a push for the 53-man roster during training camp and if healthy might have stood a chance to earn the No. 4 or No. 5 receiver job."
Chris Brown of the team's official website added Streater has already dealt with fractures to both feet to this point in his career, which makes Thursday's news all the more concerning.
Those injuries contributed to the end of Streater's tenure with the Oakland Raiders, which was highlighted by a 60-catch, four-touchdown campaign in 2013.
Since then, Streater has been searching for an opportunity to prove that he can be a steady contributor who consistently flashes strong hands.
He didn't quite get that chance last season with the San Francisco 49ers when he managed 18 catches for 191 yards and two scores.
However, he appeared to be firmly in the mix with the Bills after head coach Sean McDermott referred to him as "one of the highlights of camp" on Aug. 4, according to WGR 550's Sal Capaccio.
Now even more shorthanded at receiver following Streater's injury and the departure of Sammy Watkins, it will be on Zay Jones, Anquan Boldin and Jordan Matthews—once healthy—to operate as quarterback Tyrod Taylor's top targets.