India's leading middleweight suffered a nasty cut just above his left eye after an accidental clash of heads in the first round of his quarter-final against China's Erbieke Tanglatihan on Wednesday.
He went on to win a split decision after being forced to box at distance to protect the wound but his withdrawal means he will have to settle for a bronze medal.
His eye was swelling badly by the end of the contest and almost completely shut when asked by AFP if there was enough time to get it fixed before Friday's semi-final.
"I really hope so," said Vikas, before disappearing for treatment.
But time has run out with the source adding that the boxing team's doctor had pronounced him unfit to fight against Abilkhan Amankul of Kazakhstan, who receives a walkover to Saturday's final.
There the big-punching Kazakh will meet either Eumir Felix Marcial of the Philippines or Israil Madrimov of Uzbekistan.
Vikas's quarter-final win meant he became the first Indian to win three Asian Games boxing medals, and will add the 2018 bronze to his gold of 2010 in Guangzhou and bronze four years ago in Incheon.