Health Canada says it has received five reports of incidents and injuries from the affected tops, which have an elastic string with a hard metal or plastic tip in the neck area.
A separate announcement from the U.S. Consumer Product Safety Commission says seven people have reported face and eye injuries after the cord was either pulled or became caught on something and then released.
In total, Lululemon is recalling 318,479 women's tops sold between January 2008 and December 2014.
The items were sold under a variety of names, colours and styles.
Regulators say consumers should stop wearing the tops and either remove the cord or ask Lululemon for a non-elastic drawstring and instructions on how to replace the cord.
"Our main priority is ensuring our product works for our guests, and we believe this is the necessary proactive action," said Lululemon spokeswoman Brittany Rae Fraser in an email.
"There were no serious injuries reported and no lawsuits have been filed."
Health Canada says the recall includes tops under various names, including Carry and Go Hoodie, Cool Down Jacket, Course-ette Jacket, Cozy Up Jacket, Dance Studio Jacket, Dance Sweat Shirt, Don’t Hurry Be Happy Pullover, Gratitude Wrap, Necessity Jacket and Proactive Jacket.
Other jackets in the recall: Refresh Snap Up, Run Sun Blocker Pullover, Run Track N Field Jacket, Run With It Jacket, Sanctuary Jacket, Savasana Tunic, Sing, Floss, Travel Jacket, Stow’N Go Jacket, Stride Jacket, Summertime Tunic, Varsity Hoodie, Victory Jacket and Wear With All Jacket.
Lululemon Athletica Inc. (TSX:LLL) pulled some of its Luon yoga pants off the market in 2013 after customers complained that the pants were too sheer, making them see-through at times.
Other wearers reported problems including pilling, holes, and seams coming apart. Making matters worse, company founder and Chip Wilson said some women's bodies weren't right for his company's pants. Wilson later resigned as chairman, and early this year he stepped down from the board of directors.
— with files from The Associated PressSuggest a correction