Bisht, a paratrooper with over two decades in the Indian Army, will take charge with immediate effect.
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Bisht will take over from Dhiraj Malhotra, who held the position for two years. Malhotra parted ways with DC after he was appointed as BCCI's new General Manager for Game Development, replacing Saba Karim.
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"I would like to take this opportunity to thank Dhiraj for his time and efforts for our franchise," DC Chairman Kiran Kumar Grandhi said in a media release.
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"It has been a remarkable last two seasons for Delhi Capitals, and Dhiraj has been a crucial part of it. All of us at the franchise would like to wish him the very best for his future endeavours," Grandhi added.
Bisht, an IIM-A alumni, has been a part of the Delhi IPL franchise since its inception.
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"Dhiraj will always remain a part of the DC family. I would like to thank him for his tremendous role in getting DC to where it is off the field," team co-owner Parth Jindal said.
"I wish him all the very best. Delhi Capitals will now put its best foot forward to take the team's performance to the next level under the able guidance of Colonel Bisht," he added.