The former West Indies captain, a CPL Twenty20 ambassador, will stage the event on July 25 - the eve of the grand final at Queen's Park Oval, reports CMC.
"Passing on my skills and experience to youngsters is something that has always been really important to me and I'm excited about this chance to work with all these talented kids in my hometown," said Lara.
"CPL is all about inspiring West Indians of all ages to get excited about cricket again, and I hope events like this will help us find our next generation of cricketing legends."
Lara is considered by many as the finest batsman of the contemporary era, gathering 11 953 runs from 131 Tests at an average of 52. His career aggregate is the most by a West Indies batsman.
He scored 34 centuries and still holds the world records for the highest ever score in first-class cricket and the highest individual Test score in a Test innings.
Damien O'Donohoe, the CPL's chief executive, said he was thrilled by the idea.
"Brian is a living legend and it's going to be amazing to see the positive impact his masterclass will have on the local kids who will attend," O'Donohoe said.
"This year's CPL has seen thousands of children entertained and inspired by the best cricketers from the West Indies and across the world. The CPL players have attended schools across the region, speaking to the children about what it takes to make it to the top of whatever profession they choose.
"Brian's masterclass will be the perfect way to sign off this programme of events with the children of Trinidad and, fingers crossed, we may even identify the next Brian Lara while bringing the biggest party in sport to the Queen's Park Oval."
The CPL bowled off on June 20 in Barbados and is currently ongoing.