Announced today, the deal enables the commercial public service broadcaster to air 59 live IPL matches on ITV4, starting on March 12.
Matt Smith and Bollywood actress Mandira Bedi will present the IPL coverage after they fronted the Cricket World Cup in India. Sony will supply the live world feed for ITV.
Writing on Twitter, IPL commissioner Lalit Modi said: "Fans in the UK - this is what you have been waiting for. Today we have signed IPL to be shown on ITV, the biggest and best TV platform in UK.
"All matches will be shown live on ITV. They will be free and there will be wrap-around shows with it too. So tune in to ITV for the IPL."
The IPL, an eight-strong league of teams playing Twenty20 cricket, features global stars such as Sachin Tendulkar, Jacques Kallis, Kevin Pietersen and Shane Warne.
It is understood that ITV paid the IPL a nominal fee for the rights, which have been available since the collapse of pay-TV broadcaster Setanta last year.
Speaking to The Guardian, ITV director of digital channels and acquisitions Zai Bennett said: "In only two years, the Indian Premier League has already established itself as one of the world's most high-profile and exciting sports events which attracts some of the very best cricketers from around the globe.
"It is an exciting acquisition for one of the UK's fastest growing digital channels and we're delighted to be able to offer the whole tournament free-to-air to our viewers."
In January, the IPL announced a deal with YouTube to stream all 60 games from the league live in the UK.