Born in Medellín, Colombia, Palacios attended high school at Our Savior New American in Centereach, New York, United States.

Palacios played college basketball at the University of Louisville, from 2004 to 2008, averaging 8.9 points and 5.7 rebounds per game.

[3] After one year at CB Vic, where Palacios debuted as professional player, and two years playing on loan at UB La Palma, in LEB Oro, CB Gran Canaria added him to play in Spain's top-tier level Liga ACB, in 2011.

[6] On 15 February 2017, Palacios signed with Turkish club Tofaş, for the rest of the 2016–17 BSL season.

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