Key defender Lutkins suffered a knee injury while Davison injured her ankle in the Lions' 30-point loss to Adelaide on Sunday.
Lutkins left the ground after just five minutes when her knee caught awkwardly in the ground.
It was a similar non-contact injury story for Davison just before halftime when her foot gripped in the surface.
Lions coach Craig Starcevich said the early prognosis on both injuries was concerning, but he would wait for scans to determine the extent of the damage.
"Kate doesn't look too good, change of direction, no-one around her and her knee buckles, so that doesn't look great," Starcevich said.
"Dakota pushing back after taking a mark and twisting her foot at a funny angle, that doesn't look good either.
"A key back and a key forward – it's a pretty good day at the office when you lose those two players.
"It's going to be an opportunity for someone else more than likely, but we've got to see what the injuries are."
Lutkins is one of the Lions' most important players.
The 33-year-old is a three-time All-Australian and was the best on ground in last year's premiership triumph.
"She's a pretty resilient character," Starcevich said.
"She's surprisingly upbeat and she doesn't dip too far, Kate. She's ok."
The Lions kept the grand final rematch close at halftime – trailing by 11 points at the main break – before they were run off their legs in the second half, eventually going down 6.3 (39) to 1.3 (9) to an experienced Crows outfit.
The Lions have six days to recover before they host Carlton at Maroochydore on Saturday.
