The 25-year-old suffered the injury after a breakaway dunk attempt during the second quarter of Saturday's scrimmage against the Los Angeles Lakers. Iwundu landed headfirst on the floor and required four stitches for a cut above his left eye.
"I feel like we're fortunate," head coach Steve Clifford said, according to The Athletic's Josh Robbins. "That was right in front of us, and it was scary. He really went down hard. And the way he fell, he didn't have an ability to stop this fall.
"So I talked to him after the game, and I feel fortunate, like I said, that he wasn't hurt more significantly."
The former second-round pick has made 45 appearances and 18 starts for the Magic this season, averaging 5.3 points and 2.5 boards.