Love, 28, underwent a scan on the knee on Sunday after experiencing pain in the joint during Saturday's 125-109 win over Denver.
The team had announced on Monday he would undergo a further assessment. On Tuesday the Cavs confirmed he had gone under the knife to remove a "loose body" from his knee.
The procedure was performed in New York at the Hospital for Special Surgery, the Cavs said.
The four-time NBA All-Star had already been ruled out of Tuesday's road game against the Minnesota Timberwolves.
Love is averaging 20.0 points, 11.1 rebounds and 1.9 assists for the Cavaliers, who have won five of their past six games and improved to 37-16, the best record in the Eastern Conference and fourth-best in the league overall.
News of Love's injury absence comes just weeks after LeBron James bemoaned the Cavs' threadbare playing resources.
James blamed a January losing streak on the team's over-reliance on himself, Love and Kyrie Irving.