The former England international made quite an impact for Otago three years ago and will return this summer to bolster the twenty/20 side.
The 33-year-old helped the Volts win the domestic twenty/20 title in 2008-09 with some lusty hitting and tidy bowling spells. In seven games he scored 163 runs, including two 50s, and took seven wickets at an average of 25.85.
He also helped the province reach its third consecutive one-day final with some excellent contributions. Unfortunately, he saved his worst performance for the final - a stuttering 17 runs from 70 deliveries which was in stark contrast to his explosive batting style that season.
That said, he averaged 44.50 with bat and took nine wickets at 32.66.
His presence coincided with a golden period in Otago cricket.
The team had broken a 20-year drought the previous season when it won the one-day competition, so Mascarenhas came into a side riding a wave of confidence.
Otago's win in the twenty/20 tournament meant it automatically qualified for the lucrative Champions League - the rules have since changed - and there was plenty of excitement in the region about Otago's participation in the tournament.
The Volts, though, did not quite live up to the hype and bowed out after two defeats in pool play.
Last summer the team could not buy a win, losing its opening five games. Poor weather meant the next four games were abandoned and Otago completed a miserable campaign with a three-wicket loss to Wellington.
English duo Chris Nash and Darren Stevens had little, if any, impact so it is no surprise the Otago camp has gone back to a proven performer.
"Dimitri was an extremely popular member of our side when he was last here," coach Vaughn Johnson said.
"[His] contributions both on the field and in the changing room has left a lasting impression on our senior players.
"Dimitri offers us options at the start of an innings with the ball and is more than capable of hitting the ball out of the park on a regular basis in the middle order."
The former England international has played 20 one-day internationals and 14 twenty/20 internationals and grabbed headlines when he slapped five sixes from one over during a one-day against India in England in September 2007. Poor old Yuvraj Singh has probably never got over it.
Mascarenhas plays his county cricket for Hampshire and is a vastly experienced cricketer. In 189 first-class games he has scored 6375 runs at 25.19, including eight hundreds, and taken 439 wickets at 28.24.
In a press release, Mascarenhas said he was excited to be returning.
"We have a great squad of players and I am looking forward to playing a big role in helping the Volts win the competition again."
Mascarenhas will play some cricket in Australia as preparation before joining Otago in time for its opening twenty/20 match against Central Districts at the University Oval on December 18.
Mascarenhas is the second Englishman to sign for Otago.
Earlier this week, England fast bowler Steven Finn confirmed he would be joining Otago for four first-class games this summer.
