The 20-year-old France international, top scorer with 19 goals, headed a vote by Ligue 1 players organised by the French Union of Professional Football Players.
Benzema graduated through the youth ranks at the Stade Gerland and his form this season has been an integral part of Les Gones' quest for a seventh consecutive title.
His goalscoring displays have earned him the admiration of top European sides including Barcelona and Manchester United, but in March he signed a contract extension tying him to the club to 2013.
Lyon maintained their two-point lead at the top of the Ligue 1 table with a 1-0 win over Nancy on Saturday.
They will go into their final game of the season away to Auxerre knowing a draw will secure the championship, due to the superiority of their goal difference over second-placed Bordeaux.