Forward Nick Paul is headed north of the border in exchange for goalie Dennis Hildeby, a 2027 fourth-round draft pick and a 2028 third-rounder, the teams announced on Wednesday.
Paul, of Mississauga, Ont., returns home after five seasons with the Lightning. His production dipped amid injury last season when he tallied just seven goals and eight assists over 51 games.
However, the left winger put up at least 15 goals in each of his prior three seasons with the Bolts.
Hildeby, 24, became expendable earlier Wednesday when the Maple Leafs signed Sergei Bobrovsky. The Swedish netminder posted a .914 save percentage and 2.80 goals-against average in 20 games with the Leafs last season.
Earlier this off-season, the Maple Leafs and Lightning got together on a sign-and-trade for defenceman Darren Raddysh.