Real photonic devices are subject to photon losses that can decohere quantum information encoded in the system. In the absence of full fault tolerance, quantum error mitigation techniques have been introduced to help manage errors in noisy quantum devices. In this paper, we introduce an error mitigation protocol inspired by probabilistic error cancellation (a popular error mitigation technique in discrete variable systems) for continuous variable systems. We show that our quantum error cancellation protocol can undo photon losses in expectation value estimation tasks. To do this, we analytically derive the (nonphysical) inverse photon loss channel and decompose it into a sum over physically realizable channels with potentially negative coefficients. The bias of our ideal expectation value estimator can be made arbitrarily small at the cost of increasing the sampling overhead. The protocol requires a noiseless amplification followed by a series of photon subtractions. While these operations can be implemented probabilistically, for certain classes of initial state one can avoid the burden of carrying out the amplification and photon subtractions by leveraging Monte Carlo methods to give an unbiased estimate of the ideal expectation value. We validate our proposed mitigation protocol by simulating the scheme on squeezed vacuum states, cat states, and entangled coherent states.