Professor Lakhani will take over the ceremonial role from current president Dr Terry Kemple in November and serve a two-year term.
A GP from Leicestershire and chair of NHS West Leicestershire CCG, Professor Lakhani was chair of the college from 2004 to 2007. He beat off competition from Professor Roger Jones, Professor Rodger Charlton, Dr John Chisholm and Dr Paul Myres to win the election.
The presidential elections took place throughout May, alongside elections for six RCGP council posts. Professor Clare Gerada, Dr Jonathan Leach, Dr John Cosgrove, Dr Stuart Blake, Dr Robert Hampton and Dr Martyn Hewett were elected to these positions and will serve three-year terms starting from November.
RCGP associates in training and First5 members also voted to elect chairs of their college committees.
Dr Sophie Lanaghan was elected as the next chair of the AiT committee and Dr Jodie Blackadder-Weinstein will be the next First5 committee chair.
Turnout in the elections was 12.8% of the RCGP membership that was eligible to vote.