Poland lost to Sweden 3:2 in the play-off final last night, with Viktor Dzekereš scoring the decisive goal in the 88th minute.
After the match, Lewandowski posted a photo on Instagram of himself holding the captain's armband, accompanied by the song "Time to Say Goodbye".
At 37, he would have been one of the oldest players at the tournament had Poland qualified. After the 2022 World Cup, he decided to stay despite what seemed like a farewell from the fans at the time.
Lewandowski also threatened to retire from the national team last year due to a conflict with the then coach, who eventually resigned. He returned as captain in August under a new coach.
Lewandowski has played a record 165 games for Poland since making his debut against San Marino in 2008, when he was 20 years old.
He has scored 89 goals for Poland, almost double that of any other Polish footballer, but has only qualified for the World Cup twice, with a best result of reaching the round of 16 in 2022.
Poland will play their next games in September in the Nations League.