By SABC Sport
9th June 2023
The 28-year-old will join the Eagles on July 1 when his current Bournemouth contract ends.
"I am very happy and excited by this new opportunity," Lerma told the official Palace website.
"Crystal Palace has good players and a good team, and I want to help with every objective the club has next season."
Palace chairman Steve Parish said: "Jefferson is a strong addition to our squad.
"He is a proven performer at Premier League level, and his combative and competitive nature will endear him to the Palace fans."
Lerma made a £25million switch to Bournemouth from Levante in August 2018 and made 184 appearances in five seasons with the Cherries. He has won 33 caps for Colombia.