The 23-year-old keeper, who has already spent time on loan at Charlton Athletic and Sheffield United this season, has moved to Loftus Road on loan until the end of January.
Wolves have, as part of the deal, denied Ikeme playing in FA cup ties for Rangers.
"We're very grateful to Wolves for allowing him to come out on loan to us," Rangers boss Paul Hart has said.
"He's a young goalkeeper who I know they think a lot of and he's joining us to gain some very experience.
"He is certainly someone who I consider to be a great addition to the squad.
"He is coming here to challenge for the number one jersey, not just to warm the bench as a back-up."