Carroll missed nine games last month with a bruised right knee, then played in five in a row before sitting out a loss in Cleveland on Monday with a swollen right knee.
The surgery Wednesday was performed by Dr. David Altchek at the Hospital for Special Surgery in New York. The Raptors are in New York to face the Brooklyn Nets on Wednesday night.
Carroll signed with the Raptors over the summer after being one of the keys to the Atlanta Hawks' 60-win team last season. He has averaged 11.7 points and 4.8 rebounds in 23 games.