Street, 19, will compete with the Gulls in the fifth-tier National League, where they currently sit top by eight points. He has scored four goals for Palace U23s this season.
Street said: “I’m really excited to be joining the team. The boys are flying at the minute and it’s a great opportunity for me to hopefully help the group and keep up their push for promotion.”
Everyone at the club wishes Rob all the best for his time with Torquay.