Webb-Foster, 20, made his debut in Football League One with Bradford as a 16-year-old in 2014 and has spent time on loan at Guiseley, Bradford Park Avenue and Harrogate Town.
Manager Mark Fell told the club’s official website: "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's direct in the way he plays, a natural finisher and he's hungry to get back playing his best football."
Webb-Foster scored five goals in six games for Colne in the EVO-STIK League West Division earlier in the season.
Meanwhile, Rob Henry has returned to Lancaster as part of Fell’s 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.
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