The "Labor Pains" star will replace Pussycat Dolls leading lady Nicole Scherzinger as a concert host, who had to drop out at the last minute.
The concerts, known as F1 Rocks, run for three days and include No Doubt, Beyoncé, Black Eyed Peas, ZZ Top, Simple Minds and N.E.R.D.
The 23-year-old says she's a Formula One fan. "I like to drive. I like cars. I like fast cars," she said. "I studied NASCAR for almost a year for 'Herbie.' It was very hot inside those cars."
Lohan starred in "Herbie: Fully Loaded" in 2005 alongside Justin Long.