The Time Machine feature works as a slider, making faces appear younger from one end and older in the opposite direction.
Platform owner Snap will be hoping to replicate previous successful filters such as gender swapping, which became popular after a number of celebrities shared their own results on social media.
According to the firm, more than 70% of its daily users play with or view Lenses every day to transform the way they look.
In October, Snapchat reported that it had added another seven million daily active users in its latest quarter, while losses narrowed.
It managed to attract 210 million daily active users in the three months to the end of September, up 13% year-over-year.
The company continued to operate at a net loss, but edged a step closer to profitability, with losses shrinking to 227.3 million dollars (£176.5 million) this period, compared with 255.2 million dollars (£198.1 million) the three months before.