The 24-year-old will initially stay at Brunton Park until the end of this year and has joined up with the Cumbrians’ squad for the start of pre-season training.
Carlisle’s head of recruitment Lee Dykes told the club’s official website: “Angelo is one of those players who seems to have been around forever even though he’s still under the age of 26.
“We know that, on his day, he can be one of the best players in this division. We need a bit of creativity and we feel he can provide that.
“The manager knows him well and that has been a huge part of getting this deal done.
“He’s another exciting player who can shift the ball onto either foot once he gets into the final third. He’ll create chances and he’s the kind of player fans want to watch.”
Balanta, born in Colombia, moved to England when he was five and later progressed through QPR’s youth system.
He made 29 appearances for QPR and has had loan spells at Wycombe, MK Dons and Yeovil before completing a permanent move to Bristol Rovers last summer.