The Grizzlies announced the move Thursday.
A native of Brazil, the 6-foot-9, 218-pound Caboclo was the 20th pick overall in the 2014 draft and has played 35 career games in the NBA with Toronto and Sacramento. He spent the 2018 preseason with Houston.
Caboclo has started 23 of his 28 games for the Vipers this season, averaging 16.4 points and 7.1 rebounds. Now 23, Caboclo has played in 142 G League games with 125 starts over four seasons with Fort Wayne, Raptors 905, Reno and the Vipers.