The 21-year-old Irishman joined the Lions last January from League of Ireland Premier Division side Shelbourne and went on to impress manager David Martindale making appearances off the bench.
At the start of this campaign the young attacker picked up an injury and has since struggled to break back into the first team at the Tony Macaroni Arena.
Bairns head coach Martin Rennie said “It’s good to add another player who we think can be a threat for us, someone who has pace and can get in behind, someone who has been playing in the Premiership. It’s a good opportunity for us to bring someone in who can make a difference to the team and add to the blend of players that we have.”
Speaking about the winger, Livingston boss Martindale said to the club’s website: “I think Falkirk is a great move for Jaze. We have been working hard behind the scenes with Jaze who is a young player with lots of potential.
"He has been dipped in and out of the squad of late and it stagnates his development and I think its massively important for him that he gets out playing games, ready to come back and stake a claim to be a Livingston FC first-team player next season.
“We could have been selfish and kept Jaze at the club and used him sparingly but its not our style and I honestly believe he will go and do very well with Falkirk in League 1 and it’s a win-win for all parties.”
With Michael Ruth and Declan McDaid departing the Bairns earlier in the week after their loan periods came to an end, the Irishman goes straight into the matchday squad for the trip to bottom club East Fife looking to make an instant impact.