The Andean lima bean (ALB) (Phaseolus lunatus L.), also known as “Pallar” in Peru, is a large, semi‐flat, kidney‐shaped rarely investigated legume. This ancestral legume lacks in‐depth scientific reports and is mainly cultivated in the coastal region of the Ica valley. Its consumption dates back to ancient times, as evidenced by archaeological finds from pre‐Columbian civilizations in Peru, and it is still part of the Peruvian diet today. ALB has been domesticated and adapted to climate change in arid territories and under peculiar agronomic conditions in Peru, making the crop tolerant to various stresses, including drought. Like the common bean, ALB is an important source of protein, carbohydrates, dietary fiber, and micronutrients that are essential for a nutritious diet. However, the information on its diversity, particularly the native varieties that are the ancestors of the commercial lima bean “Pallar de Ica,” is scarce. Therefore, this review consisted of synthesizing and analyzing important aspects of the little known ALB, such as its morphological description, domestication, response to climate change, nutritional composition, and relevance to food security and potential for cultivation to address food shortages.