The 68-year-old's condition after the incident in Edmonton, Alberta, is not known.
The singer had cancelled two other concerts in recent days - in Regina on Saturday and in Calgary on Tuesday - citing ill-health.
A video of his performance at Edmonton's Jubilee Auditorium showed him dropping his microphone and falling to the floor amid a performance of his classic I'd Do Anything For Love (But I Won't Do That).
Musicians went to his side to help, and the music eventually stopped.
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Meat Loaf's agent and music manager did not immediately return messages from the Associated Press seeking comment.
A spokesman for Alberta Health Services said a patient was transported from the auditorium to a hospital, but the spokesman declined to identify the patient or provide an update on their condition for privacy reasons.
The audience was asked to vacate the arena, concertgoer Mikey McBryan said.
Meat Loaf had appeared to be struggling earlier in the performance, the 33-year-old added.
"It was him forgetting words, he wasn't on cue, but it was forgiveable," he said. "We're all loving it and going crazy, and then it just took a turn for the worst."
Born Marvin Lee Aday, Meat Loaf made his name with theatrical stage productions and operatic songs, including Paradise By The Dashboard Light, Two Out Of Three Ain't Bad and Bat Out Of Hell.
He won a Grammy Award for I'd Do Anything For Love (But I Won't Do That). He also appeared in the films The Rocky Horror Picture Show and Fight Club.
He has collapsed on stage before. In 2011, medics rushed to his aid during a concert in Pittsburgh but he got up and finished the show. In 2003, he collapsed at Wembley Arena in London and was admitted to hospital.
The singer said he suffers from asthma and from a medical condition which causes an irregular heartbeat.