Petan has five goals and 18 assists in 108 career NHL games with the Jets.
The 23-year-old native of Delta, B.C., put up two assists in 13 games with Winnipeg this season to go along with 52 points (15 goals, 37 assists) in 52 games with the Manitoba Moose of the American Hockey League.
Petan, the 43rd pick in the 2013 draft, hasn’t played in the NHL since late December.
"He’s a player that fits the way we want to play," Leafs general manager Kyle Dubas told reporters at Scotiabank Arena. "He’s competitive. He can player centre and wing. He’s versatile.
"We’re excited to get him and bring him in."
Lindholm had one goal and 11 assists in 61 games with the Leafs in 2018-19 — his first season in North America after a successful career in his native Sweden.
"Par is another player that we scouted over in Europe from a free-agent perspective and met with him a couple of times," Jets GM Kevin Cheveldayoff said in Winnipeg. "He’s a little bit more of a veteran player. He’s played in the National Hockey League the entire year and can kill penalties … so he gives us another option there .
"If you look at the month of March with the compact schedule that we have, it’s important that you have the depth."
Dubas said the fact the 27-year-old Lindholm can become an unrestricted free agent this summer played into the decision to ship him to Winnipeg.
The Leafs also recalled winger Trevor Moore from the AHL Marlies on an emergency basis for Monday’s game against the Buffalo Sabres.
The Jets made five other trades on deadline day, acquiring centre Kevin Hayes from the New York Rangers, forward Matt Hendricks from the Minnesota Wild, defenceman Bogdan Kiselevich from the Florida Panthers, blue-liner Nathan Beaulieu from the Buffalo Sabres and forward Alex Broadhurst from Columbus.
Toronto was quiet otherwise on Monday after picking up defenceman Jake Muzzin from the Los Angeles Kings last month for a prospect and the Leafs’ first-round selection at the 2019 draft.