"Both those injuries are a blow to the starting pitching depth that we have," Phillies manager Ryne Sandberg said.
Triple-A right-hander Severino Gonzalez will start in Billingsley's place on Wednesday against the Rockies at Coors Field.
The Phillies acquired Triple-A right-hander Chris Leroux from the Brewers for cash considerations. He will fill a spot in Lehigh Valley.
Billingsley started to feel some discomfort in his lat in his May 10 start against the Mets. It became more of an issue in Friday's start against Arizona, which was the best of his three starts this season.
Billingsley had an MRI on Saturday, and the Phillies decided to place him on the DL. Billingsley is pitching again after missing most of the previous two seasons because of a pair of right elbow surgeries. The Phillies had a concern that if Billingsley compensated for the lat strain it could put more pressure on his elbow.
Todd Zolecki is a reporter for MLB.com. Read his Phillies blog The Zo Zone, follow him on Twitter and listen to his podcast. This story was not subject to the approval of Major League Baseball or its clubs.