The centre-back, 21, regularly captains Wanderers' under-21 side but is yet to make his first-team debut.
He has, however, been an unused substitute on two occasions this term, most recently in the club's 1-0 defeat at Gillingham last Friday.
Ihiekwe is in contention to make his Robins debut in Saturday's League Two clash at Burton.
His arrival comes just 24 hours after Shrewsbury opted to recall defender Connor Goldson from his loan spell at Cheltenham.
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