The 25-year-old suffered the injury two days before the club's draw with Everton, but he still started that game and came off in the 74th minute.
Larsen then kept his place against Southampton at the weekend, where he scored a game-winning brace to take his tally to nine Premier League goals for the season.
In both games, Larsen's left hand and wrist was heavily bandaged.
Now, the forward has pulled out of Norway's matches against Moldova and Israel so that he does not further aggravate the injury.
In a statement released by the national team, doctor Ola Sand said: "X-rays have shown a fracture in Jorgen's hand. The injury needs rest, and that means he will unfortunately not be ready for the international matches."
Malmo striker Erik Botheim has replaced Larsen in the squad and joined up with the national team in Marbella, before they head to Moldova.