The palace was built for Stanisław Lubomirski, the Grand Marshal of the Crown, at the turn of XVII and XVIII centuries in accordance with the design by the outstanding architect Tylman van Gameren. It was remodelled in between 1725 and 1728 under the supervision of the architect Franciszek Mayer by the order of Elżbieta Sieniawska née Lubomirska - the owner of the palace at that time. The palace was a dowry of her daughter, Zofia, and, through her marriage with August Czartoryski, it eventually became the property of the Czartoryski Family. Afterwards the building changed owners multiple times. The last owners were Adam and Izabela Czartoryska née Fleming, who sold the palace in 1805.
In XIX century the palace housed a factory of tobacco and snuff, and in the beginning of XX century a roller skate rink. In 1912 an "Oaza" cinematograph was located here, and in the interwar period a popular "Corso" cinema operated in the building. After the II world war the palace was renovated according to the design of Czesław Doria-Dernałowicz and given to the Polish Tourist and Sightseeing Society (PTTK). It is currently the seat of the Lublin Scientific Society.
It is a baroque building, erected on a square plan with corner alcoves and an extended avant-corps. The palace bears the features of Palladian architecture - referring to ancient culture and characterized, among other things, by the use of giant order on the front elevation.
A square in the proximity of the palace (from the side of Staszica and Radziwiłłowska streets) is named after father Mieczysław Albert Krąpiec – one of the greatest polish philosophers, a theologian and humanist who established the Lublin school of philosophy.