Standing on a 600 foot hill, it has a commanding view of the area. The fort was built during 1711-14 when this area of Greece was under the control of Venice. During the Greek War of Independence in 1822, the Greek liberation forces under the command of Kolokotronis took it.

After independence, Kolokotronis got into a dispute with new government, kidnapped some members of the new parliament and was in tern jailed in the very fort he had liberated.

It is named after Palamedes, who, according to legend, was from Nafplio and killed at Troy.