The cross-party group of MPs will question Mr Straw on the decision not to exclude Abdelbaset Ali Mohmed Al Megrahi from a prisoner transfer agreement between the UK and Libya.
Liberal Democrat Sir Alan Beith, the committee chairman, said: "Although final decisions on applications for transfer and for compassionate release of Megrahi were made by the Scottish Government, it is clear from the published correspondence that there are questions for Jack Straw to answer."
The evidence session will be held in the House of Commons on October 20.
Megrahi - the only person to be convicted in connection with the 1988 bombing of PanAm flight 103 over Lockerbie, which killed 270 - was released on compassionate grounds on August 20 due to his terminal cancer and returned to a hero’s welcome in Tripoli.
Earlier this month, Mr Straw acknowledged trade and oil played a part in the decision to include Megrahi in a prisoner transfer agreement (PTA) with Libya.
Mr Straw said he was “unapologetic” about the PTA deal, adding: “Libya was a rogue state. We wanted to bring it back into the fold.
“And yes, that included trade because trade is an essential part of it and subsequently there was the BP deal.”
The Justice Committee will ask Mr Straw about the role and responsibilities of his department in the development of the transfer deal.
The MPs will also ask about discussions Mr Straw may have had on the PTA with other Government departments and the Scottish Government.
Letters released by the British Government showed Mr Straw originally tried to ensure Megrahi was exempted from a transfer deal - but in December 2007 he changed his mind.
Liberal Democrat foreign affairs spokesman Edward Davey said: "Jack Straw has many questions to answer on his involvement in this issue, so it is right that he comes before a Parliamentary committee.
"But with daily revelations about the role of Brown, Mandelson and Blair in murky dealings with Libya, we will need a far wider-ranging inquiry to really get to the bottom of this.
"Parliament must set up a far-reaching investigation into recent UK-Libya relations which will call all those ministers involved to account.
"We need to get the truth from all the Labour figures who have been drawn into Gaddafi's big tent."
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