The 32-year-old Boozer was available for silent bidding from any team with enough salary cap space after being waived using the amnesty clause by the Chicago Bulls on Tuesday.
"Carlos is an established veteran and a proven all-star, who will be a welcome addition to our team," said Lakers general manager Mitch Kupchak. "We’re very pleased to have won the bidding process and to have gained his rights, and look forward to his contributions next season."
The Lakers refused to release details of the bid but it will help offset the $16.8 million the Bulls owed him.
Boozer is a 12-year NBA veteran who has appeared in the playoffs eight-straight years.
Boozer played the past four seasons with the Bulls, averaging 15.5 points and 9.0 rebounds in 280 games.
He holds career averages of 16.6 points and 9.8 rebounds over 790 games.