Balanta, who has had two spells with the Club previously, linked up with his team-mates earlier today and will be in the squad for tonight’s trip to Crawley Town.
The 22-year-old forward will stay with the Dons until 21st November and will be eligible for the tough League 1 fixtures against Crawley, Scunthorpe United, Leyton Orient, Sheffield United and Tranmere Rovers before finishing his stay with an away trip to Shrewsbury Town.
However Balanta, who signed a new two-year-deal with his parent club in the summer, will not be eligible to play in the FA Cup tie with Cambridge City next weekend.
The Colombian came through the youth system at Loftus Road and signed his first professional contract in January 2008, after already making two appearances for the senior team.
Balanta scored his first goal for the R’s in their 1-1 draw with Sheffield United in February 2008 and went on to make 10 appearances in his first season as a professional.
Then, after featuring only four times in the League under new boss Ian Dowie the following season, the skilful youngster joined Wycombe Wanderers on a three-month loan in November 2008.
Netting three times in 11 games for the Chairboys, Balanta was recalled for the remainder of the 2008/09 season.
It was in a year later in June 2010 that the 5ft 10in wide-man first made the switch to stadiummk, joining on a season-long loan to help aid Karl Robinson in his debut season as manager.
Balanta played 25 times during his time in Milton Keynes, scoring on seven occasions before re-joining the Club on a six-month loan the following summer.
He made another 24 appearances and scored an extra five goals in his second spell with Dons and he will no doubt be hoping to have another successful stay this time around.
Balanta will wear the number 29 shirt.