On July 8th, 1600, Monsignor Tiberio Cerasi, treasurer-general to Pope Clement Vlll (r. 1592-1605), acquired the rights to a chapel in the church of Santa Maria del Popolo.
Cerasi commissioned Carlo Maderno to redesign the chapel, Annibale Carracci (1560-1609) to paint the altarpiece and Michelangelo Merisi da Caravaggio (1571-1610) to make two paintings for the side walls.
Annibale Carracci painted the Assumption of the Virgin Mary for the altarpiece, while Caravaggio created the Crucifixion of St Peter and the Conversion of St Paul. For some reason, Cerasi rejected Caravaggio's first two paintings and the artist had to come up with two more. The first version of the Crucifixion of St Peter has disappeared, but that of the Conversion of St Paul is now on display in the Palazzo Odescalchi.
Cerasi died on May 5th, 1601, and was buried in the chapel.