Lowe opened up to The Hollywood Reporter in an essay published on Tuesday, in which he recalled the lasting impact Paxton made on his life.
The actor recounted how he first met Paxton in the early '90s on the set of The Dark Backward, and was impressed with the larger-than-life acting choices Paxton made during filming. A few years later, the stars became close friends while playing brothers in the 1995 Western Frank & Jesse.
"I have so many great memories of Bill," the 52-year-old Code Black star shared. "The first time I ever took my kids fishing was with Bill and his son. It was up here in Santa Barbara where I live and all the kids went out and had a great time and fast-forward to 20 years later my son still fishes every weekend and that's because of Bill."
The pair would consistently support each other in their careers and their personal lives. From working on scripts for each other or trying find jobs for one another, Lowe recalled how they always remained close.
"When I played JFK [in Killing Kennedy] I came home one day and on my desk was a note from Bill and a package," Lowe recalled. "Bill was just a fanatic for researching things. He came up with the exact aftershave JFK wore and sent it over to me. [And] I wore it. I wore it every day on the set."
"Bill was the most loyal, old-school friend. The type that showed [up] for every single occasion, no matter how small — Bill would be there," he added. "Bill was not only one of my closest friends, but he was without a question my closest friend in the industry."
Lowe said "there will be no replacement" for the bond he shared with the Twister star, as Paxton was one of the only friends Lowe had who could relate to his journey.
"To have someone with a common experience, that's really hard in this business, because we get to a place if we're lucky that very few people get to go," Lowe explained. "So the numbers are small to begin with and then to find somebody in that small group of people who have experienced this life, to find somebody who you're so simpatico with, is a rarity."
Paxton died on Saturday, due to complications following heart surgery. He was 61.
Director James Cameron was one of several stars who paid tribute to Paxton after his death. The filmmaker -- who worked with the star in the films True Lies, The Terminator, Aliens, and Titanic -- wrote in an email to Vanity Fair, "The world is a lesser place for his passing, and I will profoundly miss him." Watch the video below to hear more from the Oscar-winning director.