The only temple dedicated to Lord Vamana, who is one of the incarnations of Lord Vishnu, it lies near Ernakulam. Vamana is believed to have ended the glorious rule of King Mahabali, in the guise of a Brahmin boy. The temple, which is around two millennia old, is also listed as one of the 108 Divya Desams (divine places). Many believe that Thrikkakara was the capital of the Mahabali's kingdom.

The 10-day Onam festival is flagged off from this temple with a colourful pageant. Since Onam is the most important festival of this temple, the Onasadya (Onam feast) is also held in a grand manner. People across all religions participate in the same, celebrating communal harmony in a big way. Earlier, under the reign of the Maharaja of Travancore the Onam festival here was jointly organised by the 61 Naduvazhis (local rulers). The other festivals the temple observes are Vishu, Diwali, Makar Sankranti, Navratri and Saraswati Puja.