One of Argentina's greatest to lead BaaBaas
The 36-year-old bows out having won 71 Test caps, played in three World Cups and enjoyed European and domestic title successes with French club Toulon.
Fernandez Lobbe had a three-year spell in the English Premiership with Sale before joining Toulon in 2009.
And he carved a reputation as a world-class back-row forward, performing with enviable consistency for club and country.
"It's a real honour to lead the Barbarians," Fernandez Lobbe said in a statement released by the Barbarians. "Since I was a kid I've been watching them play and to me they represent the purest values of rugby.
"Playing England is a massive challenge as they are a top nation but we have the sort of players here who love that kind of challenge. It's my last game ever, but I'm OK and at peace."
The Barbarians' starting line-up will be announced on Friday.
Head coach Pat Lam will select from a squad that includes the likes of England international wing Chris Ashton, Scotland halfbacks Finn Russell and Greig Laidlaw and Wales flank Justin Tipuric.
Agence France-Presse