The Argentina midfielder has signed a three-year deal with Boca, having left the South American giants for Europe at 18 years of age.
As a 16 year-old, Paredes played a full season of senior football before being sold to Chievo Verona almost three years later.
Now 31, an emotional Paredes said: "I've dreamed of returning since the day I left. It's a unique feeling. I wanted to get back in shape and give my all for this club. I hope I can repay all the love I'm receiving."
Paredes will wear his coveted No5 shirt at Boca after Rodrigo Battaglia gave up the number.
He added, "He wrote to me in January saying he'd let me have it. I thank him; it's no small gesture."