Callahan was injured during the third period of a 4-1 win against the Arizona Coyotes on Thursday. With 12:59 remaining, Callahan got tangled with Coyotes defenseman Oliver Ekman-Larsson, and when Callahan fell to the ice, Ekman-Larsson also fell, landing on Callahan's arm.
Callahan has six points (one goal, five assists) in 29 games this season. The 32-year-old missed 64 games last season after having hip surgery during the offseason and in February.
The Lightning (23-6-2) lead the NHL with 48 points and take a six-game winning streak into play at the Colorado Avalanche on Saturday (9 p.m. ET; ALT, SUN, NHL.TV).