The 37-year-old spent two seasons at Gresty Road between 2006 and 2008.
The former Shrewsbury, Sheffield Wednesday and Tranmere Rovers forward, scored 11 goals for Bury last season as they won promotion from League Two.
Lowe, who has not featured for the Shakers since 29 August, goes straight into the Alex squad for Tuesday's trip to Colchester.
Crewe remain bottom of the table following their 5-1 thrashing at home by Peterborough

Goalkeeper Liam Gooch, defender Stephen O'Donnell, midfielder Danny Green and forwards Zane Banton and Craig Mackail-Smith will leave the club on 30 June.
But keeper King, 19, and defender Potts, 23, are set to stay, while the club's option on Frank Musonda's contract will be taken up.
Luton were beaten by Blackpool in the League Two play-off semi-finals.
Youth team captain Kavan Cotter, who made his senior debut in the EFL Trophy last August, has been offered his first professional contract with the Hatters.

Mark McKenna, 38, from Northfleet, in Kent, pleaded guilty to arranging the commission of a child sex offence at Maidstone Crown Court last month.
He was arrested near a car park at the Bluewater shopping centre in August.
He had thought he was meeting the girl after sending her explicit messages online, but in fact had been talking to the vigilante group, The Hunted One.
The group had tipped off Kent Police and filmed his arrest after creating a fake Instagram account.
It describes itself as "a secret organisation of dedicated parents, pro-actively seeking out and exposing online groomers, sexual predators and paedophiles".
More news from Kent
During a series of exchanges over three-and-a-half weeks with the fictitious girl, McKenna sent explicit photos, a video and countless messages.
In one, he asked: "Can you kiss?"
When she replied yes, he said: "What else can you do?"
The court heard it was made clear from the outset she was 11 years old.
McKenna arranged to meet the girl at Bluewater on 6 August as his "girlfriend was away", sending her a photo of an unopened packet of condoms with the message "I have them".
He told her: "You do know I'm 38?
"You will have to be my daughter for the day," adding that she should not tell anyone in case he got in trouble with the police.
However, when he arrived at the shopping centre he was confronted by members of the vigilante group.
Sentencing, Judge Philip Statman described McKenna's behaviour as "abhorrent".
"You have succeeded in destroying your family," he said.
The judge told the court he was aware of how the case had unfolded, saying: "Matters of this kind ought properly to be left to the appropriate investigating police officers who are there to safeguard the interests of the community as a whole."
McKenna was placed on the sex offenders' register for life.

Media playback is unsupported on your device
30 March 2014 Last updated at 13:54 BST
The remains may be part of a massive emergency burial pit where thousands of plague victims were left 600 years ago.
Lead archaeologist Jay Carver says the find "solves a 660-year-old mystery".
"This discovery is a hugely important step forward in documenting and understanding Europe's most devastating pandemic," he said.
League One strugglers Crewe Alexandra have re-signed striker Ryan Lowe from Bury on loan until 5 January.
[NEXT_CONCEPT]
Luton Town have released five players, but Craig King and Dan Potts are to be offered new contracts.
[NEXT_CONCEPT]
A man confronted by vigilantes after arranging to meet an 11-year-old girl for sex has been jailed for five years.
[NEXT_CONCEPT]
Skeletons unearthed in London Crossrail excavations have been found to be Black Death victims from the great disease of the 14th Century.