The armband was vacated with Oupa Manyisa's recent departure to Premiership rivals Mamelodi Sundowns.
Matlaba, who has been with Bucs since 2012, will lead the team in their 2017/18 league opener with Chippa United at Orlando Stadium tonight (18h00).
Pirates released a statement, which reads: 'Thabo Matlaba has been named captain of the Orlando Pirates Football Club first team for the 2017/18 season.
'The Tembisa-born fullback takes over the reins as captain after the position was vacated by Oupa Manyisa who has recently joined another club.
'Matlaba, who has been at the club since 2012, will be assisted by Abbubaker Mobara who has been named as vice captain.
'Some of the most influential captains to wear the armband for the Mighty Buccaneers over the years includes Lucky Lekgwathi [who is arguably the most successful Pirates captain of all time], Ephraim 'Shakes' Mashaba, Innocent Mncwango and Nick Seshweni.'