- The temple is dedicated to Lord Narasimha, the fourth incarnation of Lord Vishnu, who took the form of a half-man and half-lion to protect his devotee Prahlada. The mythology of Narasimha is narrated in the ancient scriptures like the Puranas.
- The exact founding date of the temple may vary, but it is believed that the temple is from the 10th century AD.
- The construction and development of the temple complex likely evolved over time, with contributions from various rulers and devotees.
- Over the centuries, the temple would have received patronage from local rulers, dynasties, and devotees who contributed to its upkeep, renovation, and expansion.
- According to the legend, this place was formerly called Nanjundarajapattanam as it was ruled by a cruel king named Nanjundaraja. He had a bad reputation of being demonic, ill treated people who visited other pilgrimages and was against people worshipping god.
- One day, Lord Venkateshwara (Vishnu) being aware of all the happenings decides to teach this king a lesson and free the people of his town from his evil deeds. On reaching the town, the lord decides to be seated atop a hillock named Krishna Chala Betta in order to protect the people. He destroys the king and his palace within no time.
- The people of the village then performed Puja to this hill and requested the Lord to stay back in their village. He decides to stay back, though in his other form of Lord Lakshmi Narasimha just outside the village nearby a lake, and hence the Horakere Devapura (Hora-outside; kere-lake; Deva-god; pura-village). There are many more stories from this place.These contributions often included donations of land, wealth, and resources.
- Today, the Shri Lakshmi Narasimha Swamy Temple continues to be a place of active worship, pilgrimage, and cultural significance, attracting devotees and visitors from various parts of Karnataka and beyond.