The athlete died following a crash in the men's C4/C5 road race at the Rio Paralympics.
During a press conference, IPC president Sir Philip Craven: "I've just had it confirmed by Craig Spence (director of communications) that this is the first athlete death at a Paralympic Games.
"We will look into the report of this incident and decide what we need to do to prevent this from happening in the future."
Golbarnezhad, from Shiraz, was treated at the scene of the accident before being taken to a local hospital. Iran's NPC later announced he had died. He was 48.