The former England and Chelsea midfielder has penned a two-and-a-half-year deal with the Sky Blues, who are 17th in the Championship.
Lampard succeeds long-serving boss Mark Robins, who was sacked after seven years in charge with the club two points above the relegation zone.
He will also be joined by coaches Joe Edwards and Chris Jones at the CBS Arena having previously worked with the pair.
Coventry owner and executive chairman Doug King said: "I am delighted that Frank Lampard has agreed to join our club as head coach. Frank cut his teeth in the Championship and knows what is needed in this league to be successful.
"His experiences thereafter at Chelsea and Everton will ensure he brings to our talented squad clear understanding of exactly what is needed to succeed at the very top level that we as a club are striving to reach."
Lampard has been out of work since leaving Chelsea in 2023 after returning in an interim role following Graham Potter's dismissal. He had two stints with the Blues while he also had managerial spells at Derby and Everton.
Lampard's first match in charge of Coventry will be at home to Cardiff on Saturday.