Bravo is yet to fully recuperate from his left hamstring surgery after sustaining an injury in December during the Big Bash League.
The Gujarat franchise was expecting him to get fit during the later part of the League as he was travelling with the team while undergoing rehabilitation.
"It is with deep regret that I announce my decision to withdraw from the ongoing season of the Indian Premier League, owing to my hamstring injury," Bravo said in a statement.
Bravo suffered the injury while fielding for Melbourne Renegades - his BBL team - against Perth Scorchers on December 29.
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"While recovery is going well and I have made vast improvement and have participated in team trainings with the Lions, my body is not ready to perform at its fullest potential.
"I have the deepest respect for the calibre of players and sportsmanship at the IPL and undoubtedly have the love and support of the best sports fans in the world. It is for them that I perform at my best every time I go on to the pitch," Bravo said.
"Unfortunately, I am simply not able to perform at my best which is what my team, fellow cricketers and fans deserve. I sincerely apologise to my Gujarat Lions teammates, franchise owners and my fans for this disappointment. I, too, am deeply saddened and disappointed, particularly because I know how much my fans were looking forward to my return.
Bravo was stretchered off the field after injuring his foot near the boundary during the BBL.
He further said, "Many people played a part in the road to recovery and I sincerely thank the owners, management and medical staff of the Gujarat Lions for their unwavering support and commitment.
"I wish the Gujarat Lions team all the very best for the remainder of the campaign. I thank everyone for the love and encouragement and look forward to returning to the pitch.