Lou Williams earned the award two weeks ago, while Dwane Casey was named Eastern coach of the month for November.
"It's pretty cool, it just shows how hard we're working," Lowry said. "It's just our team being a good team, how hard we work ... and winning. Winning brings a lot more attention to an organization."
Lowry led the league scoring last week with an average of 29.3 points as the Raptors posted a 2-1 record. He was fifth among Eastern Conference players with an average of 8.7 assists.
He also shot .492 (30-for-61) from the field and .913 (21-for-23) from the free-throw line.
It's the third time in his career that Lowry has won player of the week honours.
"I'm very honoured to get this award, but it's all because of my teammates and my coaching staff, letting me do my job and supporting me," Lowry said prior to Monday's against the Denver Nuggets.
Casey took the opportunity to urge fans to put Lowry on the NBA's Eastern Conference all-star team.
"He's played at an all-star level, he deserves to be an all-star this year, and I hope our fans are getting out their pencils, and 15 to 25 ballots apiece, and voting," Casey said.
"I'm saying that facetiously, but in all seriousness, he's one of the top point guards in the NBA and he deserves to be on it."
Lowry won the award last season for the week ending Feb. 2, 2014. He was Western Conference player of the week with the Houston Rockets in March 2011.
Power forward LaMarcus Aldridge of the Portland Trail Blazers was named player of the week for the Western Conference.