The coveted gong is the only award voted for by the public and is given to someone up and coming in the industry.
This year's contenders are No Time To Die star Lashana Lynch, West Side Story's Ariana DeBose, A Quiet Place's Millicent Simmonds, The King's Man's Harris Dickinson and Kodi Smit-McPhee, who stars in The Power Of The Dog.
Introducing the prize at the ceremony in London this month, Gaga will highlight the importance of supporting the next generation of talent.
The US star — who is a Bafta nominee herself for her performance in House Of Gucci — will then introduce Rocks' Bukky Bakray.
Bakray won the prestigious award last year when the event was scaled-down due to the coronavirus pandemic and will announce this year's winner.
Emma Baehr, Executive Director of Awards & Content at Bafta, said: “We’re thrilled to be able to create such a memorable moment that celebrates the exciting new talent within our industry.
"The EE Rising Star Award is a huge moment in someone’s early career, and our multiple new talent initiatives are a key part of Bafta’s year-round work.
"We’re delighted that Lady Gaga has agreed to be part of the ceremony, and pleased that Bukky will finally get to enjoy her moment on the Royal Albert Hall stage.”
Previous winners include Star Wars actor John Boyega and Twilight star Kristen Stewart.
The ceremony, celebrating the very best of British and international film talent, takes place at London’s Royal Albert Hall on 13 March.
It will be broadcast at 7pm on BBC One, BBC One HD and BBC iPlayer.
Voting for this year’s EE Rising Star Award closes at 10am on Friday 11 March.
Watch: Lady Gaga joined by other A-listers to present at the 94th Academy Awards