The service will continue uninterrupted for current Desura customers, as the team and technology becomes a part of Linden Lab.
Terms of the acquisition were not disclosed.
"Desura's talented team, thriving business, and impressive technology are a great fit for Linden Lab," said Linden Lab CEO Rod Humble in a statement. "This acquisition gives us a global platform for serving creative developers of all kinds, and we're looking forward to growing both Desura's global community of gamers and its fantastic portfolio of thousands of games, mods, and other content. Our aim is to invest and support the Desura team in making it the most open and developer-friendly platform in the world."
Linden Lab's acquisition of Desura is the second buyout from the company this year, following its acquisition of iPad game Blocksworld in January.
Second Life recently marked its 10th anniversary. Since opening to the public on June 23, 2003, the game's 36 million registered users have spent the equivalent of more than 217,266 years in the virtual world. The game currently sees 1 million players per month.