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Texas also receives minor-league first baseman Jake Guenther and a player to be named later.
The Rays, meanwhile, acquired catcher Heriberto Hernandez, infielder Osleivis Basabe, and outfielder Alexander Ovalles. Hernandez (20th) and Basabe (24th) were among the Rangers top prospects on MLB Pipeline.
Lowe, 25, has appeared in 71 big-league games over two seasons. He s authored a .251/.322/.447 slash line with 11 home runs and 30 RBIs across 245 plate appearances.
He should compete with Ronald Guzman for a starting spot with the Rangers.
Guenther, 23, was the Rays seventh-round draft choice in 2019. The Wisconsin native hit .320/.431/.423 for the Appalachian League s Princeton Rays in 2019.