BBC Worldwide paid an undisclosed sum for the company to founders Tony and Maureen Wheeler, and shareholder John Singleton. The couple will retain a 25% stake in the company.
Lonely Planet, which has substantial operations in the UK, California and Australia, will continue to be run by chief executive Judy Slayter and her management team, with the company's headquarters remaining in Melbourne.
John Smith, the chief executive of BBC Worldwide, said: "We are delighted to be announcing this acquisition today. Lonely Planet is a highly respected international brand and a global leader in the provision of travel information. This deal fits well with our strategy to create one of the world's leading content businesses, to grow our portfolio of content brands online and to increase our operations in Australia and America."
In a joint statement, the Wheelers said: "Joining BBC Worldwide allows us to secure the long-term future of our company within a globally recognised media group. In our discussions with John and his team, we felt that BBC Worldwide would provide a platform true to our vision and values, while allowing us to take the business to the next level."
The Wheelers founded Lonely Planet in 1972, and Singleton became a shareholder in 1999. The company now publishes about 500 titles, including guides to visiting countries and cities on a budget, activity guides, and phrasebooks. It publishes in an array of foreign languages, including French, German, Italian, Japanese, Korean, Mandarin and Spanish.
The company is also behind a TV series called 'Lonely Planet Six Degrees', which is produced for Discovery Networks, and websites and .
The acquisition deal was negotiated by BBC Worldwide chief financial officer David King and international director Ian Watson. BBC Worldwide's advisors in Australia included Deloitte Corporate Finance and legal advisors Blake, Dawson Waldron.
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