Lodwick, 37, is participating in his sixth Winter Olympics, the first U.S. athlete to do so. He won a silver medal in the 201 Olympics as part of the Nordic combined team event.
He also won two world championships in 2009, winning the 10-km mass start and 10-km normal hill events.
"Being nominated to carry the flag at the opening ceremony is one of the greatest honors that has ever been bestowed upon me," Lodwick said. "I couldn't be more humbled and excited to be selected among all of the great athletes who were vying for this representation.
"Going into my sixth Olympic Games, it feels like I have already won a medal, and to cap off my career by representing the United States of America and Team USA is truly a privilege."
The XXII Winter Olympics opens Friday in Sochi, Russia.