Former England women's team star, Enid Bakewell will be also be included in the Hall of Fame.
Lara will become the 67th male member of the Hall of Fame, while England's Bakewell will be the third woman to be inducted.
Both cricketers will attend the ICC Awards, at the Waters Edge here. Two further inductees will be announced later in the year.
The duo of Bakewell and Lara attended a special Hall of Fame cocktail reception today evening to celebrate their inductions. The reception was attended by Lara's former teammates as well as the current West Indies squad.
Also attending the reception were members of the Ireland squad, along with their coach and Lara's former teammate Phil Simmons, as well as bowling coach Craig McDermott.
Brian Lara was one of the West Indies' most prolific batsmen having represented the country in 131 Tests and 299 ODIs in a career that spanned 17 years. He amassed 11,953 runs at an average of 52.88.
He scored 34 Test tons and 48 half-centuries while his best performance with the bat came against England in Antigua in 2004 when he scored 400 not out which to this day remains the highest by a Test batsmen in an individual innings.
Lara said of the induction: "I think it's a very humbling experience for me. First of all, to be considered and then to be selected is a great moment. To be named alongside some of the great cricketers not just from West Indies but from all around the world like Sir Garfield Sobers, the Three Ws, Sir Vivian Richards is a very special feeling."
"I had quite a few special moments in my career. I think our 2-1 series win in Australia in 1993 under Richie Richardson was very special. Then obviously winning the ICC Champions Trophy in 2004 under my leadership was also a very special occasion," added Lara.
