There is no place on the trip to the West Indies at the end of this month for Matt Prior, England relying on Kieswetter behind the stumps and accommodating Yardy as an extra spinner and Bopara's batting.
Yorkshire's David Wainwright, who was named in the initial squad, has also failed to make the cut.
South Africa-born pair Kieswetter and Lumb's inclusion gives England exciting new Twenty20 options at the top of the batting order.
Bopara returns after being dropped following a poor run of form in last summer's Ashes and then being left out of England squads throughout the winter.
Both the Essex batsman and Lumb have made recent eye-catching runs in the ongoing Indian Premier League.
National selector Geoff Miller explained the advantage of deploying Kieswetter as an opener, and therefore freeing up a place lower down for either an extra specialist or another bowling option.
"On the recent tour of Bangladesh, Craig Kieswetter showed what he is capable of in international limited-overs cricket - and as a wicketkeeper at the top of the order, he gives us options down the order."
Twenty-two-year-old Kieswetter, who became available for England only two months ago, already has a one-day international hundred to his name - against Bangladesh in Chittagong.
"Craig has improved over time, and his selection indicates real competition for places - which is only healthy for the England team," Miller added.
"Despite missing selection for this format of the game, Matt Prior very much remains in the England set-up and a part of our plans."
England: PD Collingwood (Durham, captain), JM Anderson (Lancashire), RS Bopara (Essex), TT Bresnan (Yorkshire), SCJ Broad (Nottinghamshire), C Kieswetter (Somerset), MJ Lumb (Hampshire), EJG Morgan (Middlesex), KP Pietersen (Hampshire), A Shahzad (Yorkshire), RJ Sidebottom (Nottinghamshire), GP Swann (Nottinghamshire), JC Tredwell (Kent), LJ Wright (Sussex), MH Yardy (Sussex)