The 28-year-old joins from Belgium's Royal Mouscron to become the club's sixth signing of the summer.
Matulevicius has 33 caps, and scored seven goals in 30 appearances for Royal Mouscron last season.
"I've always watched British football and the style of play will suit me," Matulevicius said.
"It's more physical and you need to have a lot of fight in every game."
The 6ft 3in centre-forward joins Danny Swanson, Simon Murray, Efe Ambrose, Ofir Marciano and Steven Whittaker in committing his immediate future to Hibs on their return to the Scottish top-flight,
"I am very happy to now be a part of this club," Matulevicius said.
"It's a big step in my career and I will do everything I can to make it a successful season for us.
"It's a big club with a big history and I'm really happy to be here."
Hibernian manager Neil Lennon has signed Lithuanian international striker Deivydas Matulevicius on a two-year contract.