Fiesta Indianapolis celebrates the cultures of Latin America, the Caribbean, and Spain through live music, food, and thematic activities such as a parade of nations. The annual event typically takes place the second weekend of September to coincide with the start of Hispanic Heritage Month (September 15-October 15).
Fiesta Indianapolis’ first celebration, a day-long event preceded by a black-tie gala, occurred Saturday, September 19, 1981, at Obelisk Square at 501 N. Meridian Street, which is part of the . In 1985, the annual event moved to , taking place in August, to coincide with the Pan American Games Sports Organization Congress that met in Indianapolis to discuss the city’s role as host for the 1987 .

The event returned to its original location at Obelisk Square in 1986 and in later years expanded to the American Legion Mall, Veterans Plaza across the street. The Hispano-American Multi-Service Center (also known as ), along with donations, sponsorships, and governmental and foundation grants all supported the enlarged event.
Part of the profits from the day-long festival and gala supported year-round education programs, with the rest reserved for the proposed development of a Hispanic Cultural and Economic Center near . The center never materialized due to a lack of funding and support.
In the early 2000s, Fiesta Indianapolis became one of four foundational organizations enveloped under the funding umbrella of . In 2003, Fiesta Indianapolis’ executive director, Carmen DeRusha briefly served as La Plaza’s executive director. With the merger, Fiesta became La Plaza’s largest fundraiser.
After a hiatus in 2018, La Plaza, Inc. partnered with Indianapolis’ professional soccer team, to host Fiesta Indianapolis along the pedestrian-friendly promenade at Georgia Street in 2019.

In 2020 and 2021, the Fiesta Indianapolis celebration occurred virtually because of the Covid-19 pandemic. Fiesta returned as an in-person event at Richard G. Lugar Plaza, in front of the City-County Building on East Washington Street, in September 2022.
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