The 24-year-old's new deal at Spotland Stadium is due to expire in summer 2017.
Lund has made 63 appearances for the Dale since joining them from Stoke City in 2013.
"I've enjoyed it here since the day I came into the club and I'm happy to have been offered the extension," he told their official website. "It shows the manager has got faith in me by offering me a new contract, so I'm really happy."
Rochdale start the new season at home to Peterborough United on August 8.