The three-time Supercars champion and seven-time Bathurst 1000 winner will pilot two cars at the event, which takes place on the shortened Adelaide Parklands Circuit on March 8-9.
Lowndes will drive the Megatron-powered 1988 Arrows A10B as raced by Eddie Cheever.
The Arrows A10B Is the work of F1 legend Ross Brawn.
Lowndes drove the car during demonstration sessions at this year’s festival.
Lowndes, who recently turned 50, is an Adelaide Motorsport Festival regular and designated ambassador.
In 2022, he drove another Arrows – the Footwork FA15 from the 1994 season.
The Supercars legend will also drive a Shadow MKIII Can-Am, which is one of four Shadows set to feature at the festival.