Ballance, who hit the headlines prior to the match after being photographed topless in a Nottingham bar following the first Test, once again demonstrated a liking for the home of cricket, where he compiled a maiden five-day hundred against Sri Lanka last month.
On this occasion, an accomplished innings of 110 underpinned England's first innings, but the late dismissals of Moeen Ali (32) and Ballance ensured India could be happy with their day's work as the hosts closed on 219-6, trailing by 76.
With the Lord's pitch offering less assistance to seam bowlers than it had on the previous day, Ballance and Moeen shared a valuable fifth-wicket stand of 98 either side of tea.
However, Moeen was then trapped lbw working casually across the line to the part-time spin of Murali Vijay (1-12 from three overs) and Bhuvneshwar Kumar - comfortably the pick of India's attack with figures of 4-46 from 23 overs - had Ballance caught down the leg side.
India had earlier added just five to their overnight total of 290-9 before Ben Stokes wrapped up the innings by having Mohammed Shami (19) held at first slip by Alastair Cook.
England's captain was soon back under pressure as his poor run of form with the bat continued.
Two balls after opening partner Sam Robson had been dropped at second slip by Ajinkya Rahane off Shami, Cook pushed unconvincingly at a length ball from Kumar and was caught behind by MS Dhoni for 10.
Kumar and Dhoni combined again to oust Robson, who was guilty of driving loosely outside off after reaching 17, and Ian Bell (16) subsequently became the seamer's third victim.
For the second-successive Test, Bell was dismissed attempting to leave, with Kumar's delivery taking the glove and looping to Ravindra Jadeja at third slip.
When Joe Root (13) fell lbw to Jadeja (1-41 from 18), England were in trouble at 113-4.
Yet Ballance, who received a let-off on 32 when an edge off Stuart Binny (0-45 from 10) flew between wicketkeeper Dhoni and first slip, calmly steadied the ship alongside Moeen, the former bringing up his century with the second of three fours in one over from Binny.
Vijay's removal of Moeen, with the new ball just seven deliveries away, gave India a welcome lift and the tourists had further cause for celebration prior to stumps as Kumar had Ballance strangled down the leg side.
Nightwatchman Liam Plunkett (4) and wicketkeeper Matt Prior (2) saw out the remaining 3.5 overs and will resume on day three.