The Sporting CP striker was not involved in the full training programme with the rest of the team at the camp, suffering with a slight injury concern.
Electing not to worsen the issue during two non-competitive fixtures, the decision was taken for him to withdraw from the squad.
"Viktor has a little bit of pain and has had an adapted training last week. We don't want to take any risks," said Sweden head coach, Jon Dahl Tomasson.
Replacing the 26-year-old is Club Brugge's Gustaf Nilsson, who scored in back-to-back friendlies in March 2024, against Portugal and Albania, respectively.
Alexander Isak, fresh from scoring at Wembley in the EFL Cup Final on Sunday, is expected to lead the line for at least one of Sweden's matches against Luxembourg and Northern Ireland in the coming week.
Also dropping out of the squad are goalkeeper Kristoffer Nordfeldt, who will stay with AIK as they prepare for the start of the Allsvenskan season, and Eintracht Frankfurt's Hugo Larsson.
They have been replaced by Coventry City goalkeeper Oliver Dovin and the uncapped FC Nordsjaelland midfielder Benjamin Nygren.
Sweden are away in Luxembourg on Saturday, March 22nd, then host Northern Ireland in Solna on Tuesday, March 25th.