The 24-year-old arrives at the Reebok Stadium after a frustrating campaign that has seen him score once in 22 appearances for the Teesside club.
The former Everton man will be a direct replacement for N'Gog, who joined Swansea City on Monday and goes straight into the squad for Tuesday's clash at QPR.
Bolton manager Dougie Freedman is not concerned about Jutkiewicz's lack of goals this season and is confident his new recruit can help Wanderers climb the table.
"Lukas is someone I have admired for a while," the Scot told the club's official website. "I've known of him for a long time, going back to his Everton days.
"I believe that if Lukas can find the right club that can provide him with the right sort of service he can quite comfortably be one of the top strikers in this division.
"Because of his pedigree he is someone who is ready to be involved right away."
Elsewhere in the Championship, Brek Shea will be staying at Barnsley until April after extending his loan spell from Stoke City by a further two months.
Birmingham City have agreed a one-month loan spell for Manchester City midfielder Emyr Huws and allowed Wade Elliott to join Bristol City on loan for a month.
Blackburn Rovers will take Montpellier midfielder Bryan Dabo on a month's loan, and Adam Smith has completed a permanent move from Tottenham to Bournemouth for an undisclosed fee.
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