The 23-year-old leaves Chinese team Shanghai Shengli to sign with the National Women’s Soccer League (NWSL) team for $740,000 (£581,000).
Last month, Bay FC broke the record by paying $860,000 (£685,000) to acquire Racheal Kundananji, a teammate from Zambia.
Banda, who signed a four-year contract with Pride, will rank among the most paid players in the news in the United States.
In addition, Pride worked out a sell-on clause for Banda, who has 51 goals in 52 games for Shanghai Shengli.
“I am thrilled to be a part of Orlando Pride. It’s a fantastic club, and I adore what they’re creating,” Banda exclaimed.
Orlando Pride signs Zambian forward Barbra Banda for the second-highest women’s transfer fee.
In the second-most expensive women's move in history, forward Barbra Banda of Zambia has joined Orlando Pride.
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