The former Labour peer Nazir Ahmed of Rotherham has been charged with two counts of attempted rape dating back to the 1970s.
Mr Ahmed, 61, is also charged with one count of indecent assault. His alleged victims were a girl and a boy aged under 13.
Prosecutors have claimed that the offences took place between 1971 and 1974, when Mr Ahmed would have been aged between 14 and 17.
Two other men from Rotherham, Mohammed Tariq, 63, and Mohammed Farouq, 68, have also been charged.
All three men are due to appear at Sheffield Magistrates’ Court on Tuesday 19 March.
Mr Tariq is charged with two counts of indecently assaulting a boy under 13 between 1970 and 1972.
Mr Farouq is charged with four counts of indecently assaulting a boy under 13 between 1968 and 1972.
Mr Ahmed joined the Labour Party in 1975 aged 18 and became a councillor in Rotherham in 1990.
In 1998 he became one of the first Muslim peers when he was appointed to the House of Lords by then-Prime Minister Tony Blair.