He becomes Rovers' eighth summer arrival and the deal includes the option to buy the player outright at the end of the loan spell.
The 25-year-old, who has played for three English clubs, trained with West Ham United earlier this summer but was not offered a deal.
Kazim-Richards will fill in for £3m striker Leon Best until the New Year because of injury, by then it is hoped that he would have established himself as a regular at Ewood Park.
The Turkey international began his career with Bury and later had spells with Brighton and Sheffield United before joining Fenerbahce in 2007.
He has since played for Toulouse in France, Galatasaray and Greek club Olympiakos.