In a direct switch between GCap Media Group stations, Bacon will take the helm at the drivetime show on Xfm vacated by Lucio.
Bacon joined Capital Radio in May 2005, presenting the 'Go Home' show for the radio network.
The former Blue Peter presenter first emerged into the spotlight after a high-profile sacking from his job as a 'Blue Peter' presenter after it came to light that he had used cocaine.
He resurrected his career with youth TV presenting duties and radio slots including filling in for Christian O'Connell, the host of Capital's Xfm breakfast show. He had also previously been a permanent DJ at the station.
Bacon's tenure in the role at the GCap Media Group station got off to an uneven start with the show unable to find a lead sponsor, but later picked up promotions from sponsors including a six-month deal with amusement centre Thorpe Park.
In contrast, Gold Sony award-winner Lucio has achieved Xfm's highest-ever drive time audience since joining in October 2005.
Bacon said: "I have enjoyed my time at Capital, but I am looking forward to a return to my radio home at Xfm"
Steve Orchard, GCap Media's operations director, said: "GCap Media is focused on developing talent by offering a broad range of career opportunities and keeping the best people within the Group. This is a great opportunity for both Richard and Lucio and I'm delighted that both presenters want to pursue their careers at GCap stations."
"In Richard, we have a presenter who is already well liked by the Xfm audience and with Lucio, while he has already proved popular on Xfm, I believe he can reach new heights at the reinvigorated Capital Radio."
Andy Ashton, Xfm programme director, added: "Richard's previous shows for Xfm were a huge success and he is still very much part of the family. We are also extremely proud of Lucio for whom this new appointment is well deserved following a storming year of development at Xfm."
Although drivetime figures are not available from Rajar, in the latest figures from the radio measurement body GCap Media saw a drop from a 5.9% to a 5.5% share of total audience, moving it from first to third place in London. The station's weekly reach also fell from 1.80m to 1.72m.
In May, the radio group posted a slump in underlying pre-tax profits of 40% to £22.2m for the year ending March 31, following a decline in the advertising market and the revamping of Capital FM.
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