The 27 year old, who has made 158 appearances for the West Wales region - joining the illustrious 150 club at last season's Heineken Cup draw against Clermont Auvergne, will lead the
Scarlets in 2014-15.
Deputising for Owens will be 23 year old, international centre and Newcastle Emlyn born, Scott Williams.
The new-look captaincy pairing for the 2014-15 season further epitomises the region's deep-rooted ethos of nurturing and developing local talent.
Owens, who takes over the reins from back row forward Rob McCusker and British & Irish Lion Jonathan Davies - who has joined French giants Clermont Auvergne, has a wealth of experience on the regional and international stage.
On naming Ken Owens and Scott Williams as captain and vice captain respectively Head Coach Wayne Pivac said: "Ken is a well respected individual across the coaching and playing group and he's a mature young man who has all the attributes of being a great leader.
"In the short time that I've been here with the Scarlets he has been a stand out character in terms of motivating the group and bringing all of the elements of our wider squad together.
"We have undertaken an exercise this week that sets out or team vision for the next three years and a set of values are not words on a wall - you have to honour those things on a daily basis.
"Both Ken and Scott, as captain and vice captain, will play a vitally important role within the squad and both, I feel, epitomise Scarlets rugby and our region - our people. We are a part of a passionate and loyal rugby community where rugby is everything. I am a great believer in locals taking the team forward.
"Both of these young men come from within the heart of this region and will die for the jersey and lead by example."
Having joined the West Wales region over a decade ago, as part of Scarlets Academy, Owens burst on to the regional scene in the 2009-10 season within the, then, Magners League. A barnstorming season saw Owens win the coveted Try of the Season Award beating rivals from across the domestic league.
A former pupil of Ysgol Gyfun Bro Myrddin, Carmarthen, Owens represented Carmarthen Athletic from a young age before moving on to represent the region. His international debut came during the 2011 Rugby World Cup and has since gone on to win 26 caps.
Speaking about the news Owens said it was an absolute honour to follow in the footsteps of Scarlets greats who've gone before him, he said: "It's a huge honour especially considering the people who've captained the region and great leaders I've played under since being at the region like Simon Easterby, Stephen Jones, Matthew Rees, Mark Jones and obviously Rob McCusker and Jon Davies over the last couple of seasons.
"It's a massive opportunity for me and one I'm looking forward to. It's going to be a tough challenge but hopefully can move the region forward and get some success."
On his leadership style Owens went on to say: "Every captain is different, I think I'll have to see how it unfolds. I will try and lead from the front which is something I've always tried to do as a player."
Owens will be supported by young centre Scott Williams, he added: "Scott knows what this place is all about. He's experienced and has been a huge player for us over the last couple of years. A captain never wins games, it's who you've got around you and you need that support structure.
"We'll continue to have a close relationship with the senior players group as we do now and having Rob in that senior players group, who's been captain for the last couple of years, supporting me is going to be great."
Both captain and vice captain represent the Scarlets' ethos of developing talent from within and Owens went on to say: "Scarlets over the years have been very strong rooted in developing West Wales talent with world class overseas players coming in to aid that. I think that's what makes us different to a lot of other places.
"With myself and Scott in these roles it will hopefully give the region's youngsters something to aspire to. It just goes to show that with a lot of hardwork and dedication there is a future for them in West Wales."
Scarlets captain Owens will be joined, and deputised, by fellow Welsh international Scott Williams as the young centre takes up a leading role in the backline at the tender age of 23.
Williams, from Newcastle Emlyn, has become a fans favourite and earned plaudits right across the rugby world since making his regional league debut against regional rivals Ospreys at Parc y Scarlets in October 2010. He later went on to win international honours in 2011, scoring four tries during the Rugby World Cup of the same year. A defining moment was scoring the decisive try in the victory over England at Twickenham in the 2012 Six Nations.
Williams said: "It's a massive honour to be named vice captain even though a little bit unexpected but I'll grab the opportunity with both hands.
"We have an exciting the season coming up; having trained with the boys all summer I've seen the hard work the boys have put in and it was positive to see some of that hard work go out against Bath.
Williams, at only 23 years of age, is amongst the senior players in the backline, he went on to say: "We have a young squad, especially in the backline. It doesn't feel like that long ago that I was in the same shoes as those boys coming through from the Academy; I've got a lot of time in terms of helping them if they need anything.
"I don't feel 23, in terms of experience I feel like I've had quite a lot in my short career so far and hopefully I can bring that experience and pass it down to the other boys.
"Wayne (Pivac) based his choice on players from the region. As I said, when I was a kid the only thing I wanted to do was be a professional rugby player and play for the Scarlets and so it's a huge honour to be handed this responsibility."
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