The Western Hockey League team made the announcement on its website.
Berehowsky was in his second season behind the Hurricanes bench. The 42-year-old from Toronto was hired in June, 2013.
Lethbridge sits at the bottom of the Central Division at 6-19-4.
Berehowsky played 549 games in the NHL for Toronto, Pittsburgh, Phoenix, Vancouver and Nashville before retiring in 2006.