Brisbane granted Lee a release from the final year of his contract on Wednesday, which has allowed him to link up with the NRL's 17th franchise on a two-year deal.
Lee joined the Broncos from Melbourne, with whom he won the 2020 premiership, but has made only three NRL appearances in his first year at the club.
The 26-year-old will reunite with Storm premiership teammates Felise Kaufusi, Jesse Bromwich and Kenny Bromwich at the Dolphins as well as coach Wayne Bennett, who picked him in one match of Queensland's 2020 State of Origin campaign.
"We are very pleased to sign Brenko for our NRL debut," Dolphins CEO Terry Reader said.
"Importantly, Brenko is from Brisbane so understands the history and success the Dolphins have had in their 75-year history."
Lee joins Jamayne Isaako, Euan Aitken, Robert Jennings and his cousin Edrick Lee as options in the outside backs but the Dolphins are still on the lookout for an established game-breaker to slot into the spine.
Kalyn Ponga, Jahrome Hughes, Harry Grant and Reed Mahoney were all linked to the club but have since signed elsewhere.
The Dolphins may now need to wait until their second season to secure a big-name signing with Cameron Munster, Dylan Brown and Cody Walker among those off contract after 2023.
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