Following Tuesday's embarrassing loss to the 17-win Orlando Magic - the Cavs blew a 21-point lead and scored nine points in the fourth quarter - Thomas questioned whether the team makes enough in-game adjustments.
The Lakers also get the Cavaliers' protected first-round pick in 2018.
Nance, 25, is a high-energy forward who averaged 8.6 points and 6.8 rebounds in 42 games this season.
What do you think of the decision?
Both Clarkson and Nance have contracts through 2019-20 and 2018-19, respectively, but the trade gives the Cavs luxury tax relief this season. Some thought this might turn around when Thomas returned from rehabbing a hip injury, instead things have only gotten worse for Cleveland. "This is a good opportunity for Isaiah".
The move doesn't do much to help the Lakers this season, who are on their way toward missing the playoffs for a fifth straight year.
Lakers-Cavaliers trade: Isaiah Thomas reportedly dealt for Jordan Clarkson, Larry Nance Jr.
While his points, rebounds and assists averages were lower than any of the last six seasons, Hill's shooting percentage from the field is the third-highest of his career, and he has never shot better from three-point range.
Nance is a now a second-generation Cavalier, as his father wore one of the seven numbers that has been retired to the rafters of Quicken Loans Arena.
Nance said he was ready for whatever the trade deadline brought. "There is nothing we can do about it". It might take some tinkering, especially with Love out for at least another month, but the pieces are there for a competent rotation that won't allow 110 points a game.
First of all, there are a lot of different directions this trade could go.
But he won't be happy if he has to come off the bench, which he will likely have to do when Ball is back. "I mean, when I address something, it's like I'm blaming somebody".
The Cleveland Cavaliersalso traded shooting guard Dwyane Wade to the Miami Heat, where he spent the first thirteen years of his basketball career and won three NBA championships. Since a victory over Chicago on December 21, the Cavs are 7-13, and they are just ½ game ahead of Washington and a game ahead of Miami for third place in the Eastern Conference.