The bold move is down to the fact that the Test team arrive back from duty in the West Indies just one day before the May 8 fixture.
Taylor will lead the team in Dublin in just his 18th one-day international, while Zafar Ansari, Sam Billings, James Vince, Lewis Gregory and David Willey are all in with a chance of making their senior debuts.
"To be given the opportunity to lead your country is a huge honour," said Nottinghamshire batsman Taylor.
"It's going to be brilliant, leading an England team in a one-day international. We know it will be a tough game against Ireland and this match provides a great chance for us all to show we can play a huge role in limited-overs cricket in years to come."
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The 11-man squad will be topped up with players who do not make the cut for the third Test in Barbados.
After a disappointing World Cup, England are hoping to bring along these players with a view to building up to the 2019 tournament on home soil.
"We are expecting a very competitive match against a talented Ireland side and this fixture gives us a great opportunity to look at players who have performed well in county cricket and for the Lions," said selector James Whitaker in a press release.
England ODI squad to play Ireland: James Taylor (capt), Zafar Ansari, Jonathan Bairstow, Sam Billings, Tim Bresnan, Steven Finn, Lewis Gregory, Alex Hales, Jason Roy, James Vince, David Willey.