The South African striker spent last season on loan with the Gold & Blood where he scored five goals and created seven in 28 matches in all competitions.
Lakay's contribution saw Cleopatra win the Egypt Cup and end in sixth place on the league standings.
He signs for the club from CAF Champions League winners Pyramids FC, who he joined from Cape Town City in 2022.
A club post on social media read: "Back to you again. Fagrie Lakay .. the knight of tough missions.
"The sniper in the presence of the Ceramica Cleopatra battalion."
Lakay is the youngest player to ever represent Bafana Bafana, at 17 years old.
He counts Santos, Ajax Cape Town, SuperSport United and Bidvest Wits as his former clubs.
Zamalek head coach Yannick Ferrera believes his team can still mount a serious challenge for the Egyptian Premiership crown this season, despite off-field disruptions affecting the 14-time champions.
Zamalek have announced the signing of Kenyan right-back Baron Ochieng, 19, on a free transfer after parting ways with Sofapaka FC in his homeland.
Al Ahly have parted ways with former Orlando Pirates head coach Jose Riveiro after only seven matches at the helm of the African giants.
Fiston Mayele has once again stirred transfer speculation after sharing a cryptic social media post, just as talk intensifies around a possible move to Kaizer Chiefs.
