Lazio took a 5-0 lead to the interval after Ciro Immobile scored two goals in two minutes to see the host lead 2-0 within 10 minutes, but that was until the Balde show started.
The Senegalese forward scored his first of the day in the 21st minute after bulldozing his way past the Palermo defence before sneaking an effort from close range in under the goalkeeper.
A penalty in the 24th minute saw him join Immobile on two goals, but the 22-year-old old was not done yet and returned to seal his hat-trick with a slick chip past the goalkeeper from the angle in the 26th minute.
In doing so, Balde scored this campaign’s 17th hat-trick and Serie A’s fastest hat-trick in 42 years.
Lazio's Keita Baldé Diao (5 minutes) scores the fastest hat-trick in Serie A in 42 years. #LazioPalermo— Gracenote Live (@GracenoteLive) April 23, 2017
Balde Keita scored the fast Serie A hattrick of the millennium!— AccaTracker App (@AccaTrackerTM) April 23, 2017
It took him just 6 minutes pic.twitter.com/OvKd4CJFrW
With Sunday's treble, Balde took his tally to eight so far this campaign as he looks to rediscover the form that saw him score five times prior to his departure for the Nations Cup in January.
Andrea Rispoli became the third player to score a brace in the thriller when his two quick goals in the second half gave the Rosanero some hope of a comeback.
Luca Crecco added Lazio's sixth in stoppage time as the Biancocelesti walked out 6-2 winners.