The Sixers released guard Tony Wroten to make room for Smith on the roster.
Smith has played for 10 teams since entering the NBA in 2010. He has started multiple games for the Pelicans this season and played a large role early on, but his playing time has been reduced since Norris Cole and Tyreke Evans returned from injury.
Smith played 25 games for the 76ers last season, averaging 12 points in just over 27 minutes per game. Smith has averaged 13.9 points, 9 assists and 5.4 rebounds in 27 games this season with New Orleans.
The trade is the first player personnel change for Philadelphia after a series of organizational changes within the franchise. The 76ers recently named Jerry Colangelo their chairman of basketball operations, and then shortly after hired former Phoenix Suns coach Mike D'Antoni as associate head coach.