Justice Sripavan, 63, took oath as the 44th Chief Justice before President Maithripala Sirisena, the President's office said in a statement.
Sripavan replaces Chief Justice Shirani Bandaranayake, who resigned yesterday, only a day after she was reinstated to the position by Sirisena government.
Bandaranayke, Lanka's first woman chief judge, was unceremoniously removed from the Supreme Court in January 2013 by former President Mahinda Rajapaksa.
Justice Peiris was also under growing pressure to stand down from the country's Bar Council following allegations that he tried to help Rajapaksa to stage a coup to retain power after his defeat in the presidential polls earlier this month.
Sirisena, the joint opposition challenger to Rajapaksa in the presidential election, had pledged to restore Bandaranayake in the manifesto.
The opposition demanded a debate on the sacking of Peiris, but the government said it could be allowed only next week.
Sripavan belongs to the country's ethnic Tamil-minority.
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