Forest agreed a deal for Peltier on Monday, only for the player's proposed switch to the City Ground to fall through.
Bolton also expressed an interest in signing the 27-year-old but Peltier will now spend the remainder of the season with the east midlands club.
"I am very pleased to confirm the loan signing of Lee Peltier. Welcome to #nffc," said Forest chairman and owner Fawaz Al Hasawi via his Twitter account.
Peltier, who joined Leeds from Leicester in August 2012, has made 27 appearances this season for United but has recently found first-team opportunities limited.