In 1997, Automobili Lamborghini S.p.A. developed the Diablo GT2 to enter the racing world while the Diablo was still their flagship model. The GT2 featured a modified 6.0-liter engine producing over 640BHP, intended as a testbed for future production models like the Diablo GT and Diablo VT 6.0, albeit slightly toned down for road use.

The GT2's body was crafted from carbon fiber reinforced over a full racing chassis, designed alongside the road-going version. It served as a test platform for new aerodynamic and engine technologies on major international race tracks and was not intended for private sale. The GT2's appearance closely resembled the Diablo SV-R and Swiss-built Affolter-based cars, featuring Plexiglas side windows with small sliding sections, a full roll cage, and a single racing seat with a multi-point harness.

The first Diablo GT2 was publicly unveiled at the 1998 Bologna Motor Show and later at the Copenhagen Auto Show. Despite being displayed with a $350,000 price tag, there were no plans to sell the GT2 to private buyers. In 1999, Lamborghini presented the more radically modified Diablo GT1 at the Geneva Auto Show, featuring the same 6.0-liter engine and more dramatic bodywork. Only two GT1s were produced and raced, primarily in the Japanese GT series.

As prototypes, the GT2 cars underwent various modifications while serving as test vehicles for the GT and GT1 Diablos. They participated in two known races in the 1998 French Federation of Automobile Sport (FFSA GT) championship, entered by DAMS Racing and driven by Emanuel Clérico and Luigi Moccia. After these appearances, the GT2 was retired to the Lamborghini Museum in Sant’Agata Bolognese until 2015. The other example resides in a private collection in Japan.

The Diablo GT2 (#2494) was more recently awarded 3rd place in the One-Off & Custom-Built Cars Class at the first Erster Lamborghini Concours d’Élégance in Neuchâtel, Switzerland, in September 2017. This factory one-off race car served as both a Lamborghini show car and museum exhibit, highlighting its significance in Lamborghini's racing history.