The 20 year old made his debut for the Dolly Blues in last night's 2-0 defeat at Marine in the NPL league Cup.
Webb-Foster made his debut for the Bantams in League One as a 16-year-old in 2014 after he graduated from the academy.
He has since gone on to enjoy loan spells with Guiseley, Bradford Park Avenue and Harrogate.
After leaving Bradford he spent a short spell at the start of this season with Colne where he scored five goals in the first six games and Dolly Blues boss Mark Fell has high hopes for his new signing.
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"We kept tabs on him earlier this season and when the opportunity arose we felt he would be a good addition to our side, we've wanted to strengthen our attacking options and he's the sort of player that fits the bill," he said
"He's direct in the way he plays, a natural finisher and he's hungry to get back playing his best football."
Fell also confirmed that Rob Henry has returned to Lancaster as part of the coaching staff but will also be registered as a player. Jack Sims has also had his loan from Blackpool extended for a further 28 days.