The Colombian spent the first half of the season with the League One side where he made 18 appearances, scoring six goals and registering three assists while wearing the number nine shirt.
He was initially farmed out on a season-long loan under previous Rangers manager Giovanni van Bronckhorst, but his successor Michael Beale has used an early release clause to bring the 20-year-old back to Ibrox.
Alegria previously spent time on loan at Partick Thistle last campaign and will now return to Rangers B side, who play in the Scottish Lowland Football League.
A Falkirk statement read: “The Club can confirm Rangers FC have recalled Juan Alegria from his loan spell and he will return to his parent club.
“We wish to thank Juan for the positive contribution he made while at The Bairns. All the best for the future Juan.”
Alegria joined the Ibrox side from Finnish outfit FC Honka for a six-figure sum back in 2021, but has yet to make an appearance for the Rangers first-team.