It was created on 12 January 1835 for the prominent lawyer and politician Sir James Scarlett, the Lord Chief Baron of the Exchequer.

As of 2016[update] the title is held by the latter's grandson, the ninth baron, who succeeded his father in 2002.

Sir James Yorke Scarlett, second son of the first baron, was a general in the army and fought in the Crimean War.

Mary Elizabeth, daughter of the first baron, was created Baroness Stratheden in 1836.

The heir presumptive is the present holder's nephew, Harry Alexander Peter Scarlett (born 1997).