The Theta Tau Colony at Lawrence Institute of Technology was originally founded in late September 1986 as the Lambda Tau local fraternity, with the sole purpose of becoming a chapter of Theta Tau Professional Engineering Fraternity. An instrumental figure in the establishment and organization of the local fraternity was Jerome Palardy (Epsilon Beta Chapter) who guided Lambda Tau through rough times. The group originally consisted of 22 charter members who compiled a petition for colonization to the Theta Tau Fraternity. This petition was accepted, and the Theta Tau Colony was installed on February 8, 1987. Shortly after the charter members were organized, another seven students were accepted for membership. On May 1, 1987, the first pledge class completed their ten-week pledge period and have been initiated into the Theta Tau Colony, bringing the total membership to thirty-six. The Colony at Lawrence Institute of Technology has also been accepted into the student government and the Inter-Fraternal Council.

As of Fall 2025, the Xi Beta chapter of Theta Tau Fraternity has dissolved. This site is continued to be maintained by Alumni