Hiwula, 22, spent last season on loan at fellow League One club Bradford City, where he scored nine goals in 41 appearances.
The Manchester City youth product has also had spells at Wigan Athletic, Walsall and Yeovil Town.
"We know what we are getting and that is pure quality. I'm a big fan of him," said Fleetwood boss Uwe Rosler.
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Fleetwood Town have signed striker Jordy Hiwula on a season-long loan deal from Huddersfield Town.