It was created in 1892 for John Rolls, of The Hendre in the parish of Llangattock-Vibon-Avel, about 4 miles north-west of Monmouth, Member of Parliament for Monmouthshire from 1880 to 1892.

He was succeeded by his eldest son, John Maclean Rolls, the 2nd Baron, who was killed in action at the Battle of the Somme in 1916.

The family estates, including The Hendre in Monmouthshire, passed to the 2nd Baron's only sister Eleanor Rolls, a scientist and balloonist.

She was the wife of Sir John Courtown Edward Shelley, 6th Baronet (1871–1951), of Castle Goring, who in 1917 assumed by royal licence the additional surname of Rolls, after which she became known as Eleanor Shelley-Rolls.

The Honourable Charles Rolls, third and youngest son of the 1st Baron, was the co-founder of the Rolls-Royce car manufacturing firm.