diff --git a/Cargo.lock b/Cargo.lock
index 583b0ee602..b7e5f9a27e 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -3697,6 +3697,15 @@ dependencies = [
  "hashbrown 0.12.3",
 ]
 
+[[package]]
+name = "lru"
+version = "0.12.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "1efa59af2ddfad1854ae27d75009d538d0998b4b2fd47083e743ac1a10e46c60"
+dependencies = [
+ "hashbrown 0.14.0",
+]
+
 [[package]]
 name = "mach2"
 version = "0.4.1"
@@ -4131,7 +4140,7 @@ checksum = "5f4e3bc495f6e95bc15a6c0c55ac00421504a5a43d09e3cc455d1fea7015581d"
 dependencies = [
  "bitvec",
  "either",
- "lru",
+ "lru 0.7.8",
  "num-bigint",
  "num-integer",
  "num-modular",
@@ -4623,6 +4632,7 @@ dependencies = [
  "indexmap 1.9.3",
  "itertools 0.10.5",
  "libmdbx",
+ "lru 0.12.0",
  "metrics",
  "mockall",
  "papyrus_base_layer",
diff --git a/Cargo.toml b/Cargo.toml
index 73e46d61c9..b87bcd49b3 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -63,6 +63,7 @@ jsonrpsee = "0.18.1"
 jsonschema = "0.17.0"
 lazy_static = "1.4.0"
 libmdbx = "0.3.5"
+lru = "0.12.0"
 memmap2 = "0.8.0"
 metrics = "0.21.0"
 metrics-exporter-prometheus = "0.12.1"
diff --git a/config/default_config.json b/config/default_config.json
index ff2e06a861..0b17177df9 100644
--- a/config/default_config.json
+++ b/config/default_config.json
@@ -9,6 +9,11 @@
     "privacy": "Public",
     "value": "0xc662c410C0ECf747543f5bA90660f6ABeBD9C8c4"
   },
+  "central.class_cache_size": {
+    "description": "Size of class cache, must be a positive integer.",
+    "privacy": "Public",
+    "value": 30
+  },
   "central.concurrent_requests": {
     "description": "Maximum number of concurrent requests to Starknet feeder-gateway for getting a type of data (for example, blocks).",
     "privacy": "Public",
@@ -189,4 +194,4 @@
     "privacy": "Public",
     "value": 1000
   }
-}
\ No newline at end of file
+}
diff --git a/crates/papyrus_node/src/config/snapshots/papyrus_node__config__config_test__dump_default_config.snap b/crates/papyrus_node/src/config/snapshots/papyrus_node__config__config_test__dump_default_config.snap
index 45e92dec41..e8dee38236 100644
--- a/crates/papyrus_node/src/config/snapshots/papyrus_node__config__config_test__dump_default_config.snap
+++ b/crates/papyrus_node/src/config/snapshots/papyrus_node__config__config_test__dump_default_config.snap
@@ -13,6 +13,13 @@ expression: dumped_default_config
     "value": "0xc662c410C0ECf747543f5bA90660f6ABeBD9C8c4",
     "privacy": "Public"
   },
+  "central.class_cache_size": {
+    "description": "Size of class cache, must be a positive integer.",
+    "value": {
+      "$serde_json::private::Number": "30"
+    },
+    "privacy": "Public"
+  },
   "central.concurrent_requests": {
     "description": "Maximum number of concurrent requests to Starknet feeder-gateway for getting a type of data (for example, blocks).",
     "value": {
diff --git a/crates/papyrus_sync/Cargo.toml b/crates/papyrus_sync/Cargo.toml
index d060238487..ff899276d2 100644
--- a/crates/papyrus_sync/Cargo.toml
+++ b/crates/papyrus_sync/Cargo.toml
@@ -17,6 +17,7 @@ hex.workspace = true
 indexmap = { workspace = true, features = ["serde"] }
 itertools.workspace = true
 libmdbx = { workspace = true, features = ["lifetimed-bytes"] }
+lru.workspace = true
 metrics.workspace = true
 papyrus_storage = { path = "../papyrus_storage", version = "0.0.5" }
 papyrus_base_layer = { path = "../papyrus_base_layer" }
diff --git a/crates/papyrus_sync/src/sources/central.rs b/crates/papyrus_sync/src/sources/central.rs
index 842a68f155..990a26418b 100644
--- a/crates/papyrus_sync/src/sources/central.rs
+++ b/crates/papyrus_sync/src/sources/central.rs
@@ -4,7 +4,8 @@ mod central_test;
 mod state_update_stream;
 
 use std::collections::{BTreeMap, HashMap};
-use std::sync::Arc;
+use std::num::NonZeroUsize;
+use std::sync::{Arc, Mutex};
 
 use async_stream::stream;
 use async_trait::async_trait;
@@ -13,6 +14,7 @@ use futures::stream::BoxStream;
 use futures_util::StreamExt;
 use indexmap::IndexMap;
 use itertools::chain;
+use lru::LruCache;
 #[cfg(test)]
 use mockall::automock;
 use papyrus_common::BlockHashAndNumber;
@@ -49,6 +51,8 @@ pub struct CentralSourceConfig {
     pub max_state_updates_to_download: usize,
     pub max_state_updates_to_store_in_memory: usize,
     pub max_classes_to_download: usize,
+    // TODO(dan): validate that class_cache_size is a positive integer.
+    pub class_cache_size: usize,
     pub retry_config: RetryConfig,
 }
 
@@ -61,6 +65,7 @@ impl Default for CentralSourceConfig {
             max_state_updates_to_download: 20,
             max_state_updates_to_store_in_memory: 20,
             max_classes_to_download: 20,
+            class_cache_size: 30,
             retry_config: RetryConfig {
                 retry_base_millis: 30,
                 retry_max_delay_millis: 30000,
@@ -110,6 +115,12 @@ impl SerializeConfig for CentralSourceConfig {
                 "Maximum number of classes to download at a given time.",
                 ParamPrivacyInput::Public,
             ),
+            ser_param(
+                "class_cache_size",
+                &self.class_cache_size,
+                "Size of class cache, must be a positive integer.",
+                ParamPrivacyInput::Public,
+            ),
         ]);
         chain!(self_params_dump, append_sub_config_name(self.retry_config.dump(), "retry_config"))
             .collect()
@@ -121,10 +132,11 @@ pub struct GenericCentralSource<TStarknetClient: StarknetReader + Send + Sync> {
     pub starknet_client: Arc<TStarknetClient>,
     pub storage_reader: StorageReader,
     pub state_update_stream_config: StateUpdateStreamConfig,
+    pub(crate) class_cache: Arc<Mutex<LruCache<ClassHash, ApiContractClass>>>,
 }
 
 #[derive(Clone)]
-enum ApiContractClass {
+pub(crate) enum ApiContractClass {
     DeprecatedContractClass(starknet_api::deprecated_contract_class::ContractClass),
     ContractClass(starknet_api::state::ContractClass),
 }
@@ -251,6 +263,7 @@ impl<TStarknetClient: StarknetReader + Send + Sync + 'static> CentralSourceTrait
             self.starknet_client.clone(),
             self.storage_reader.clone(),
             self.state_update_stream_config.clone(),
+            self.class_cache.clone(),
         )
         .boxed()
     }
@@ -395,6 +408,10 @@ impl CentralSource {
                 max_state_updates_to_store_in_memory: config.max_state_updates_to_store_in_memory,
                 max_classes_to_download: config.max_classes_to_download,
             },
+            class_cache: Arc::from(Mutex::new(LruCache::new(
+                NonZeroUsize::new(config.class_cache_size)
+                    .expect("class_cache_size should be a positive integer."),
+            ))),
         })
     }
 }
diff --git a/crates/papyrus_sync/src/sources/central/state_update_stream.rs b/crates/papyrus_sync/src/sources/central/state_update_stream.rs
index 14c4227115..747ac10cab 100644
--- a/crates/papyrus_sync/src/sources/central/state_update_stream.rs
+++ b/crates/papyrus_sync/src/sources/central/state_update_stream.rs
@@ -1,11 +1,12 @@
 use std::collections::VecDeque;
 use std::pin::Pin;
-use std::sync::Arc;
+use std::sync::{Arc, Mutex};
 use std::task::Poll;
 
 use futures_util::stream::FuturesOrdered;
 use futures_util::{Future, Stream, StreamExt};
 use indexmap::IndexMap;
+use lru::LruCache;
 use papyrus_storage::state::StateStorageReader;
 use papyrus_storage::StorageReader;
 use starknet_api::block::BlockNumber;
@@ -39,6 +40,7 @@ pub(crate) struct StateUpdateStream<TStarknetClient: StarknetReader + Send + 'st
     classes_to_download: VecDeque<ClassHash>,
     download_class_tasks: TasksQueue<CentralResult<Option<ApiContractClass>>>,
     downloaded_classes: VecDeque<ApiContractClass>,
+    class_cache: Arc<Mutex<LruCache<ClassHash, ApiContractClass>>>,
     config: StateUpdateStreamConfig,
 }
 
@@ -89,6 +91,7 @@ impl<TStarknetClient: StarknetReader + Send + Sync + 'static> StateUpdateStream<
         starknet_client: Arc<TStarknetClient>,
         storage_reader: StorageReader,
         config: StateUpdateStreamConfig,
+        class_cache: Arc<Mutex<LruCache<ClassHash, ApiContractClass>>>,
     ) -> Self {
         StateUpdateStream {
             initial_block_number,
@@ -107,6 +110,7 @@ impl<TStarknetClient: StarknetReader + Send + Sync + 'static> StateUpdateStream<
                 config.max_state_updates_to_store_in_memory * 5,
             ),
             config,
+            class_cache,
         }
     }
 
@@ -151,7 +155,9 @@ impl<TStarknetClient: StarknetReader + Send + Sync + 'static> StateUpdateStream<
             };
             let starknet_client = self.starknet_client.clone();
             let storage_reader = self.storage_reader.clone();
+            let cache = self.class_cache.clone();
             self.download_class_tasks.push_back(Box::pin(download_class_if_necessary(
+                cache,
                 class_hash,
                 starknet_client,
                 storage_reader,
@@ -330,10 +336,18 @@ fn client_to_central_state_update(
 // If not found in the storage, the class is downloaded.
 #[instrument(skip(starknet_client, storage_reader), level = "debug", err)]
 async fn download_class_if_necessary<TStarknetClient: StarknetReader>(
+    cache: Arc<Mutex<LruCache<ClassHash, ApiContractClass>>>,
     class_hash: ClassHash,
     starknet_client: Arc<TStarknetClient>,
     storage_reader: StorageReader,
 ) -> CentralResult<Option<ApiContractClass>> {
+    {
+        let mut cache = cache.lock().expect("Failed to lock class cache.");
+        if let Some(class) = cache.get(&class_hash) {
+            return Ok(Some(class.clone()));
+        }
+    }
+
     let txn = storage_reader.begin_ro_txn()?;
     let state_reader = txn.get_state_reader()?;
     let block_number = txn.get_state_marker()?;
@@ -342,6 +356,10 @@ async fn download_class_if_necessary<TStarknetClient: StarknetReader>(
     // Check declared classes.
     if let Ok(Some(class)) = state_reader.get_class_definition_at(state_number, &class_hash) {
         trace!("Class {:?} retrieved from storage.", class_hash);
+        {
+            let mut cache = cache.lock().expect("Failed to lock class cache.");
+            cache.put(class_hash, ApiContractClass::ContractClass(class.clone()));
+        }
         return Ok(Some(ApiContractClass::ContractClass(class)));
     };
 
@@ -350,6 +368,10 @@ async fn download_class_if_necessary<TStarknetClient: StarknetReader>(
         state_reader.get_deprecated_class_definition_at(state_number, &class_hash)
     {
         trace!("Deprecated class {:?} retrieved from storage.", class_hash);
+        {
+            let mut cache = cache.lock().expect("Failed to lock class cache.");
+            cache.put(class_hash, ApiContractClass::DeprecatedContractClass(class.clone()));
+        }
         return Ok(Some(ApiContractClass::DeprecatedContractClass(class)));
     }
 
@@ -358,6 +380,12 @@ async fn download_class_if_necessary<TStarknetClient: StarknetReader>(
     let client_class = starknet_client.class_by_hash(class_hash).await.map_err(Arc::new)?;
     match client_class {
         None => Ok(None),
-        Some(class) => Ok(Some(class.into())),
+        Some(class) => {
+            {
+                let mut cache = cache.lock().expect("Failed to lock class cache.");
+                cache.put(class_hash, class.clone().into());
+            }
+            Ok(Some(class.into()))
+        }
     }
 }
diff --git a/crates/papyrus_sync/src/sources/central_test.rs b/crates/papyrus_sync/src/sources/central_test.rs
index ce3af9b1f3..8083c41ec4 100644
--- a/crates/papyrus_sync/src/sources/central_test.rs
+++ b/crates/papyrus_sync/src/sources/central_test.rs
@@ -1,9 +1,11 @@
-use std::sync::Arc;
+use std::num::NonZeroUsize;
+use std::sync::{Arc, Mutex};
 
 use assert_matches::assert_matches;
 use cairo_lang_starknet::casm_contract_class::CasmContractClass;
 use futures_util::pin_mut;
 use indexmap::{indexmap, IndexMap};
+use lru::LruCache;
 use mockall::predicate;
 use papyrus_storage::state::StateStorageWriter;
 use papyrus_storage::test_utils::get_test_storage;
@@ -38,6 +40,7 @@ use starknet_client::ClientError;
 use tokio_stream::StreamExt;
 
 use super::state_update_stream::StateUpdateStreamConfig;
+use super::ApiContractClass;
 use crate::sources::central::{CentralError, CentralSourceTrait, GenericCentralSource};
 
 const TEST_CONCURRENT_REQUESTS: usize = 300;
@@ -58,6 +61,7 @@ async fn last_block_number() {
         concurrent_requests: TEST_CONCURRENT_REQUESTS,
         storage_reader: reader,
         state_update_stream_config: state_update_stream_config_for_test(),
+        class_cache: get_test_class_cache(),
     };
 
     let last_block_number = central_source.get_latest_block().await.unwrap().unwrap().block_number;
@@ -83,6 +87,7 @@ async fn stream_block_headers() {
         starknet_client: Arc::new(mock),
         storage_reader: reader,
         state_update_stream_config: state_update_stream_config_for_test(),
+        class_cache: get_test_class_cache(),
     };
 
     let mut expected_block_num = BlockNumber(START_BLOCK_NUMBER);
@@ -120,6 +125,7 @@ async fn stream_block_headers_some_are_missing() {
         starknet_client: Arc::new(mock),
         storage_reader: reader,
         state_update_stream_config: state_update_stream_config_for_test(),
+        class_cache: get_test_class_cache(),
     };
 
     let mut expected_block_num = BlockNumber(START_BLOCK_NUMBER);
@@ -172,6 +178,7 @@ async fn stream_block_headers_error() {
         starknet_client: Arc::new(mock),
         storage_reader: reader,
         state_update_stream_config: state_update_stream_config_for_test(),
+        class_cache: get_test_class_cache(),
     };
 
     let mut expected_block_num = BlockNumber(START_BLOCK_NUMBER);
@@ -308,6 +315,7 @@ async fn stream_state_updates() {
         starknet_client: Arc::new(mock),
         storage_reader: reader,
         state_update_stream_config: state_update_stream_config_for_test(),
+        class_cache: get_test_class_cache(),
     };
     let initial_block_num = BlockNumber(START_BLOCK_NUMBER);
 
@@ -418,6 +426,7 @@ async fn stream_compiled_classes() {
         starknet_client: Arc::new(mock),
         storage_reader: reader,
         state_update_stream_config: state_update_stream_config_for_test(),
+        class_cache: get_test_class_cache(),
     };
 
     let stream = central_source.stream_compiled_classes(BlockNumber(0), BlockNumber(2));
@@ -442,3 +451,7 @@ fn state_update_stream_config_for_test() -> StateUpdateStreamConfig {
         max_classes_to_download: 10,
     }
 }
+
+fn get_test_class_cache() -> Arc<Mutex<LruCache<ClassHash, ApiContractClass>>> {
+    Arc::from(Mutex::new(LruCache::new(NonZeroUsize::new(2).unwrap())))
+}