The 28-year-old, who scored three goals in nine games for Birmingham while on loan there earlier this season, will go straight into Owls' manager Dave Jones' squad for Saturday's league game at Charlton.
Congo-born Lita made his breakthrough at first club Bristol City before moving to Reading for £1 million in 2005 and the followed loans spells at Charlton and Norwich.
Lita joined Middlesbrough on a free transfer in the summer of 2009 and then commanded a £1.75m fee when joining Swansea in August 2011.
He has scored a total of 105 goals from 217 starts in all competitions for his various clubs since making his debut for Bristol City in 2002.
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