UFC officials announced the bout on Monday.
Payan (14-4) in May had a five-fight winning streak interrupted when he dropped a unanimous decision to Jeremy Stephens at UFC 160.
He’ll try to bounce back against Peralta (16-4), who lost his most recent bout, dropping a unanimous decision to Akira Corassani in April in Sweden. Not only did he lose the bout, but Peralta also served a six-month suspension when he tested positive for marijuana following the bout.
The UFC 168 fight card is twin billed at the top with rematches between UFC middleweight champion Chris Weidman and Anderson Silva and UFC women’s bantamweight titleholder Ronda Rousey and Miesha Tate.