Figueroa was hurt during the first half of Saturday's 3-1 win at Turf Moor and was replaced by Jordi Gomez before the half-hour mark.
After the match, Wigan boss Roberto Martinez confirmed that the Honduras international had suffered a grade two tear of the medial ligament in his left knee.
The severity of the injury is likely to see Figueroa sidelined for the next few weeks and it could be December before he is ready to return.
The 26-year-old had started all 10 of the Latics' Premier League matches this season and has been a key performer in Martinez's side.
His absence could prompt Martinez to play Charles N'Zogbia at left-back after the Frenchman filled that role against Burnley following Figueroa's withdrawal.