RELATED: LeBron James returns to LA hours before free agency opens
James' agency made the announcement Sunday in a release, saying he has agreed to a four-year, $154 million contract.
The game's best all-around player and biggest star will now lead a young Lakers team that has been overmatched in recent years while rebuilding but will instantly rise with James.
Los Angeles also provides James with a larger platform for his business interests and social activism.
This is the third time in eight years James has changed teams. He returned to the Cavs in 2014 after four seasons in Miami.
The 33-year-old had previously said he wanted to finish his career in Ohio, and although he's leaving home again, Cleveland fans are more forgiving after he ended the city's 52-year sports championship drought in 2016.
Welcome home, @KingJames. Here's to great days ahead. The City of Angels is ready for you to fly. EG— Eric Garcetti (@ericgarcetti) July 2, 2018
The Lakers are continuing to court other big-name free agents this summer.
While Paul George elected to stay in Oklahoma City, the Lakers still have their eye on a possible trade deal with the San Antonio Spurs for Southern California native Kawhi Leonard, who has indicated he wants to play for his hometown team.
DeMarcus Cousins of the New Orleans Pelicans is also a big free agent that the Lakers have contacted.
RELATED: LeBron James declines contract with Cavaliers becomes free agent, sources say