The flanker, who is set to retire from playing after the game, has been promoted to Baa-Baas skipper after Ireland centre Bundee Aki, who had originally been named captain, had to pull out after suffering an ankle injury while training with Connacht.
Toulouse man Fernandez Lobbe says he is honoured to be named skipper.
The 36-year-old said: "It's a real honour to lead 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.
"I've been thinking about it for a long time, and this last year I've enjoyed every minute."
The Baa-Baas side will be announced on Friday with ex-England man Chris Ashton, All Blacks players Malakai Fekitoa, Victor Vito and John Afoa, Wales flanker Justin Tipuric and Scotland duo Finn Russell and Greig Laidlaw all set to feature.