The forward, who spent the first half of the season on loan at Monaco, is Leeds’ third signing during the January transfer window following the arrivals of goalkeeper Elia Caprile from Chievo and winger Ian Poveda from Manchester City.
The Championship club have the option to sign the 22-year-old Augustin on a permanent basis after completion of his loan spell.
“Leeds United are delighted to announce the signing of Jean-Kevin Augustin,” the club said on their website.
“The striker joins the Whites on an initial loan deal until the end of the season from Bundesliga outfit Red Bull Leipzig.”
The former Paris Saint-German player scored 20 goals in 67 appearances in all competitions for the Bundesliga club before returning to France on loan with Monaco at the start of this season.
Leeds, in the hunt for a new striker since Eddie Nketiah’s loan spell was cut short by parent club Arsenal earlier this month, confirmed last week that a third bid for Southampton forward Che Adams had been turned down.
The club, bidding to return to the Premier League for the first time since 2004, have stumbled in recent weeks, winning just one of their past seven matches in England’s second-tier.
But they remain second in the table after 28 games, just a point behind leaders West Brom.
