Scans will determine the extent of the damage, but head coach Phil Mooney said the injury was serious enough to bring a premature end to the full-back's career as a Red.
He will be left stranded on 99 Super rugby appearances for Queensland as he will join Premiership side Worcester at the end of the season,
Latham, who had only just returned from a four-week stint on the sidelines nursing a knee injury, suffered the injury attempting to tackle Kade Poki after just eight minutes.
"That's the end of one of the greatest careers in the Queensland jersey. Unfortunately not everyone gets the fairytale send-off," said Mooney.
"What he's done for Queensland over an extended period of time puts him up there amongst the greatest ever to wear the Red jersey."