Meeks had previously signed a 10-day deal with the team, appearing in just two games in February. He totaled 15 points in 24 minutes during that span, which was his only NBA action of the 2018-19 season.
The 31-year-old began the year serving the remainder of his 25-game suspension picked up last year for violating the league's anti-drug policy. He was traded from the Washington Wizards to the Milwaukee Bucks but was soon waived and remained a free agent for the majority of the year.
However, he now gets a chance to contribute for a team hoping to make a deep run in the postseason.
Toronto has the second-best record in the NBA at 51-23, but the squad has struggled a bit lately with an 8-7 record since the All-Star Break. Although depth had been a strength of the team, aggressive moves at the trade deadline thinned the rotation.
Meeks could potentially join Norman Powell, Jeremy Lin and Patrick McCaw in helping the backcourt off the bench.
Even without much playing time this season, the guard has proved himself as a quality scorer with a career average of 9.3 points per game on 37.2 percent shooting from three-point range. His outside shooting could be especially valuable as the Raptors try to bring home their first-ever NBA title.