The deal is worth anywhere between $19 million and $20 million and does not include any player or team options, according to Meeks.
"Had a great time in L.A. and loved every moment," Meeks said in a text to ESPNLosAngeles.com. "Looking forward to moving forward with my career in Detroit! Excited!"
Meeks, 26, is coming off a career season where he averaged 15.7 points on 46.3 percent shooting from the field and 40.1 percent from 3 to go with 2.5 rebounds, 1.8 assists and 1.4 steals per game.
Meeks' contract will absorb approximately half of the $13.5 million in cap space the Pistons currently have available.
Detroit finished 29th in team 3-point percentage last season.
Stan Van Gundy, the team's new coach and president of basketball operations, detailed the team's free-agency approach to reporters last week.
"The analogy I've used is we're not going to hit a home run, but if we can get three singles, or two singles and a double and drive in a couple runs, we'll be okay," Van Gundy said, according to CBS Detroit. "I think it's important. I think we can improve some things on our team, I think we're pretty specific about what we're looking for and we'll go out and pursue those guys. Then you need a little bit of luck, too, you really do."
The Meeks agreement was earlier reported by Yahoo! Sports.