Acadians from Nova Scotia came to the Lafayette area to escape British persecution. A significant percentage of today's residents continue to speak French or a patois and maintain a strong feeling of kinship with Nova Scotia and France. These descendants of the French Acadians form the nucleus of the Louisiana Cajuns, who have contributed greatly to the state's rich culture.

Today, Lafayette is a commercial city built around retail trade, light industry, agriculture, and oil. Area farmers produce soybeans, rice, and sugarcane, as well as beef and dairy products. Many oil companies drilling for and pumping offshore oil have regional offices in the area, with headquarters in Lafayette's Heymann Oil Center.

Despite its industrial image, Lafayette has retained its "small-town" charm. Live oaks and azaleas abound around the town, as do clumps of native iris, the city's official flower. Tours of the navigable Bayou Vermilion are now available to visitors.