This mall was built by Edward J. DeBartolo Sr., and opened in April 1968 at 38th Street and Lafayette Road in Pike Township, just two miles (3.2 km) north of the Indianapolis Motor Speedway.

In 1975, the Kroger store connected to the mall was demolished to make way for another expansion that included its replacement, Indianapolis-based L. S. Ayres, on the south end near JCPenney.

DeBartolo's company had merged with Circle Centre's operator, the locally based Simon Property Group, and they remodeled the aging mall in 1998, adding a racetrack-themed food court in the former G.C.

In 2005, the lifestyle center known as Metropolis opened in the nearby suburb of Plainfield near the new entrance for Indianapolis International Airport, causing more withdrawals of stores from the mall once leases came up.

By 2006, many of the nationally known chains had begun to close at Lafayette Square and were replaced primarily by discount stores and local merchants on shorter-term leases.

In the first quarter of 2012, Claire's Boutique, The Children's Place, and America's Incredible Pizza Company closed, leaving Burlington Coat Factory and Shoppers World as the mall's only two remaining anchors.

On August 12, 2019, the Burlington Coat Factory at Lafayette Square permanently closed, leaving only six national tenants, mostly athletic wear stores; Finish Line, Foot Locker, Champs Sports, Jimmy Jazz, Shoppers World, and Rainbow.

Plans also include multiple surrounding properties within the area focused on dining, music, art, shopping, housing, office, youth education, sports, entertainment, infrastructure improvements and public safety.