Lowe's goals helped struggling Rovers to two wins in five league matches - a 5-1 demolition of Coventry and a 2-1 victory over Colchester. He now has 12 for the campaign.
Tranmere boss Ronnie Moore said: "Ryan has had a fantastic month and scored some great goals so he deserves this award.
"He didn't have a lot of service early in the season but we're getting the ball in the box more for him now and he is showing what a good striker he is.
"If he carries on like this, he'll get to 20 goals this season."
Sky Sports' Football League pundit Don Goodman said: "Ryan has been a revelation for Tranmere this season.
"At 35, he is playing like a man half his age and is rolling back the years to propel Rovers up Sky Bet League One."