Plowman played 11 seasons in the league, with eight of those coming at Princes Park after arriving from GWS via trade in 2015.
The ex-Giant informed his Blues teammates of his decision this week, with the club announcing Plowman's news on Wednesday evening.
The No. 3 overall selection by GWS at the 2012 National Draft, Plowman's most consistent AFL campaign came in 2019 when the stopper played in all of Carlton's outings.
However, this season, Plowman played just one senior game for coach Michael Voss after playing in at least 13 matches every previous season he'd been at the Blues.
"I could not have asked for much more than to have been part of the AFL for such a significant period of my life," Plowman said as part of a club statement on Wednesday night.
"The Club has been the best environment to come to work every day, the challenging moments, the winning ones, I would not change them for the world. Thank you to all my coaches, teammates, and everyone at the Blues for their belief in me, and their support.
"Thank you also to my family and partner, who were with me every step along the way. One of my favourite parts of my career is having the opportunity to share it all with you."
Voss commended Plowman for a respected career in navy blue, praising the defender's reliability and presence around his teammates.
"Few players represent the Carlton Football Club for eight years, let alone play over 10 years of AFL football, that is an achievement Lachie should be incredibly proud of," Voss said.
"You would struggle to come across a nicer, more thoughtful person than Lachie. The energy he brought within our four walls was highly valued and will be missed around IKON Park.
"Arguably the biggest compliment you could give Lachie as a player was the reliability and trust he had with his teammates, which he had built and earned over a long period of time.
"He departs our club with nothing but the best wishes and a great deal of gratitude on our part, for the service he has given in the Navy Blue."
Plowman joins veteran Ed Curnow in announcing his retirement at the end of the 2023 season.