The Fiat Yamaha rider led from the first lap to come home ahead of Repsol Honda's Andrea Dovizioso and Tech 3 Yamaha rider Ben Spies, who took his maiden podium in MotoGP.
The Mallorcan got a strong start from pole position and led out of turn one but it was not all plain sailing as he became embroiled in a feisty first-lap battle with Dani Pedrosa.
The pair traded the lead several times but it was Lorenzo who eventually led over the line and he was unchallenged from there on in, gradually extending his lead lap-by-lap and leaving his rivals trailing in his wake.
With two laps remaining the gap to Dovizioso stood at more than eight seconds but Lorenzo slowed down on the final two laps to ensure he came home safely, which he duly did to the delight of the 70,000 British fans who are quickly adopting the spirited Spaniard as one of their own.
His third win of the season and another 25-point haul extends Lorenzo's lead to 37 points over Dovizioso in second, with Pedrosa now third.
"This was an important day for me and an important win, because I felt so strong and I enjoyed riding my Yamaha so much," Lorenzo said.
"I had a different feeling today; I felt that it was going to be a good race. It was quite hard to be fast at the start and the first lap with Dani was difficult, but once I got past him I felt very relaxed and comfortable.
"I thought he would follow me for a bit longer but he didn't and then I was on my own, so I just had to focus on myself; I didn't even know who was behind me! I never dreamt of taking three wins from five races but here we are and I am feeling very strong mentally at this moment."
While Silverstone was a walk in the park for Lorenzo it was Dovizioso who crossed the line in second, the Italian ‰ÛÒ who won last year‰Ûªs rain-hit British GP at Donington Park ‰ÛÒ headed a frantic four-way contest for the runner-up spot.
‰ÛÏI‰Ûªm really happy with second in the race, and we also have second in the championship now so this reflects our strong start to the season. In the middle of the race I saw many riders were closing in behind me and so I tried to push at 100 per cent to get a gap and try to avoid a fight on last lap. Corners 13 and 14 towards the end of the lap are really slow and you can see clearly the riders that are behind, and also here it would be easy to be overtaken there on the last lap if they were too close, so it was important to get a gap, which I managed to do," Dovizioso said.
Ben Spies grabbed third when Ducati's Nicky Hayden out braked himself on the last lap and allowed his fellow Texan through for his maiden MotoGP podium.
