The six-foot-five (1.95 metre) Ibrahimovic joined the 500 club by releasing a perfectly timed roundhouse kick in the 45th minute that fooled Toronto goalkeeper Alex Bono.
During his glitering career, Ibrahimovic has also won 33 trophies, though adding to that tally with the Galaxy this season could prove tough as the club now sits eighth in the Western Conference and out of the MLS playoff places. Although Galaxy managed to level the game up at 3-3, two more late goals for the Canadian side saw them claim a 5-3 win.
Jonathan dos Santos volleyed the ball over to the Swedish star who whipped around and tapped it home.
Speaking after the clash, he said: "I was close to the goal".
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Following the goal, fans on Twitter were just as stunned as the commentary team at Ibrahimovic's incredible acrobatic effort.
"I'm happy for Toronto because they'll be remembered as my 500th victim", Ibrahimovic told TSN after the game.
Jay Chapman added an insurance goal in stoppage time with a low shot to the corner.
The 36-year-old Swede joined Lionel Messi and Cristiano Ronaldo as the only active players with 500 goals for club and worldwide play, cutting the Galaxy's lead to 3-1 in the 43rd minute.