With 18 Tests and 63 Super Rugby caps, Jacobson debuted for the side in 2018 and stepped up to international status a year later.
Chiefs coach Clayton McMillan said Jacobson's captaincy would not have surprised many people, as he had been earmarked for a leadership role for some time.
"He's done an outstanding job in recent seasons when given an opportunity; for me, it was a straightforward decision.
"He's a leader by example, both on and off the field. He always presents himself in good nick and articulates himself well, but he is pretty choosy when he speaks.
"He's highly respected in the group. He played at the elite level in the game and understands what is required to be competitive at this level.
"It's an opportunity for him to embrace a leadership role, to cut his own path ably supported by some good men."
Loose forward Kaylum Boshier and mid-field back Rameka Poihipi have been named vice-captains.
McMillan said their choice was a nod to the future, but the general public would not know the pair's influence among the players.
"They're highly respected players, they lead by example like Luke. They're a little quieter but are considered, and when they talk, it's usually in support or to challenge, and they've done that well."
The experienced All Blacks in the team would also add value.
"It's about sharing the leadership role. Those people we're talking about, Anton [Lienert-Brown], Damian [McKenzie], Samisoni [Taukei'aho], Tupou Vaa'i, will all have roles but we don't want anyone to have to do any more than they need to."
Jacobson said the main change was losing 'a couple of pretty vocal leaders'.
But that would see new leaders step up.
He said it would involve some change in his week of preparation, especially around giving messages later in the week and talking to referees during games.
"I've learnt a few things in the past so I'm pretty comfortable with it."
Jacobson said that while he enjoyed success in his earlier years, notably as captain of the world championship-winning New Zealand Under-20 side, he knew early in his professional career that there was still much to learn. As a result, his style had evolved.
"I've had some great leaders since then to look up to as well to learn off. You make your own style but you take a bit from who has led you as well."
