Lollapalooza organizers made the announcement Tuesday evening.
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"His performance will make history, cementing him as the first South Korean artist to headline a mainstage at a major U.S. festival," they wrote.
Doja Cat canceled her entire slate of summer festivals, including her headlining appearance at Lollapalooza, due to throat problems.
BTS has found international success with songs like "Butter" and "Dynamite" and their fans, who call themselves the "Army," span across the globe. They were nominated for a Grammy this year, and also won Billboard Music Awards for Top Duo/Group and Top Song Sales Artist.
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Lollapalooza will be held July 28 through 31 in Grant Park. Other headliners include Metallica, Dua Lipa, J. Cole, Green Day, Machine Gun Kelly, Lil Baby and Kygo.
You can buy tickets here.
CNN-Wire contributed to this report.