Electromagnetic methods are one of the most important tools for exploring the physical properties of scatterers. When the scattering object is polarizable, more information can be gained from electromagnetic measurements to determine the scatterer’s electrical properties. In this paper, an inversion scheme is introduced to extract induced polarization information from electromagnetic measurements. The inverse scattering problem is reformulated as an optimization problem that utilizes an efficient forward model solver to compute the scattered field. Furthermore, a simulated annealing approach is considered in the presented scheme, wherein different cooling schedules are evaluated to solve the inverse problem. The results of applying the proposed scheme to various case studies are reported.