Terry was injured during Wednesday night's game against Minnesota when he collided with Corey Brewer of the Timberwolves. Terry went to the locker room for several minutes for treatment, then returned to the lineup, scoring seven fourth-quarter points to help the Mavericks to a 112-109 victory.
Dr. Neil Williams performed the surgery in Dallas.
Terry, Dallas' second-leading scorer with a 17-point average, will most likely have to wear a protective device when he returns.
Guards J.J. Barea, DeShawn Stevenson and Roddy Beaubois will get additional minutes during Terry's absence.
"We've got this opportunity with [Terry] out to get other guys into our rotation," Mavericks coach Rick Carlisle said before Friday night's game against the Sacramento Kings. "We're not looking to one guy. It's going to be done by committee."
The Mavericks are also without center Erick Dampier (dislocated right middle finger) and forward Tim Thomas (personal reasons).