Bjelica is averaging 7.2 points and 3.8 rebounds in 16.9 minutes per game this season.
Last season, Bjelica shot 41.9% from 3-point range. He is a 38.8% career 3-point shooter.
"He brings the three-point shooting, the spacing, and the size at that position for sure," Heat coach Erik Spoelstra said. "We think he'll fit into our system pretty well.
ESPN's Nick Friedell contributed to this report.