The 23-year-old, out of contract with top-flight Dutch club Heerenveen at the end of this month, will arrive at Molineux on July 1 having agreed a three-year deal.
A Holland Under-21 international, Van La Parra scored five times in 32 appearances last season.
"I am very happy to sign here and think it is a good step for my career," he told the club's official website.
"Wolves is a big club with a big history and it is good for me to come here and try and play a lot of games and to do my best.
"From when I was young I have wanted to play in England so that was an important reason for me to come here.
"I like English football and the way teams play and hopefully it is something that I will fit in to."
Wolves' head of football development and recruitment Kevin Thelwell added: "We have been watching Rajiv for some time and he is a very talented young player.
"He is tall, athletic and pacey, can play on either side and is tactically very bright. We are delighted to have signed him and are all looking forward to what he will bring to the club."