The victors will progress to the final and face the winners of the second semi-final between Old Firm rivals Celtic and Rangers.
Match preview
Falkirk are competing in the Scottish Cup semi-finals for the first time in eight years after coming from behind to secure a 2-1 victory at home against Ayr United last month.
The Bairns were trailing at half time courtesy of a 12th-minute opener from Dipo Akinyemi, but Callumn Morrison's 66th-minute equaliser from the penalty spot restored parity for the hosts before Kai Kennedy came off the bench to net the match-winner seven minutes from time.
John McGlynn's side have since endured a mixed run of form in League One, winning two, losing two and drawing four of their last eight games, and have subsequently fallen 11 points behind Dunfermline Athletic at the top of the table with just one league game remaining; the Bairns did beat Alloa Athletic 4-1 away from home last weekend, though.
Falkirk - two-time Scottish Cup winners in 1913 and 1957 - will now endeavour to become just the second third-tier team to reach the Scottish Cup final after Gretna, who reached the showpiece event back in 2006.
The Bairns, who beat Wick Academy, Alloa Athletic and Darvel before knocking out Ayr in the quarter-finals, will be seeking revenge against Inverness after losing 2-1 in the 2015 Scottish Cup final, with James Vincent netting an 86th-minute winner for Caley Thistle.
Like Falkirk, Inverness had to come from behind to win 2-1 in their Scottish Cup semi-final last month, beating Premiership outfit Kilmarnock on home soil.
A third-minute opener from Kyle Vassell silenced the Caledonian Stadium early doors, but goals either side of half time from Billy Mckay and Sean Welsh turned the game on its head to help Caley Thistle progress to the last four for the first time in four years.
Billy Dodds, who won the Scottish Cup as a player with Rangers in 1999-2000, saw his Inverness side lose to Queen's Park in the Championship just a week later, but they have since put together a seven-game unbeaten run, with last weekend's 1-1 draw with Dundee ending a six-game winning streak.
Inverness are unable to get their hands on the Championship title this season as they sit third in the table and four points behind Dundee at the summit with only one game remaining, but the Scottish Cup represents another opportunity for them to lift silverware this campaign.
Caley Thistle, who were handed a reprieve after a fourth-round loss to Queen's Park when the Spiders were expelled from the competition for fielding an ineligible player, enter Saturday's clash having lost three of their last four Scottish Cup semi-finals, although they did managed to pull off an impressive 3-2 triumph over Celtic in 2015 before beating Falkirk in the final.
Falkirk Scottish Cup form:
Falkirk form (all competitions):
D
D
W
D
L
W
Inverness Caledonian Thistle Scottish Cup form:
Inverness Caledonian Thistle form (all competitions):
W
W
W
W
W
D
Team News
Falkirk could have a fully-fit squad for the trip to Hampden Park, with left-back Sean Mackie to be assessed ahead of kickoff after a spell in the treatment room.
Top scorer Callumn Robinson, who has found the net 15 times in all competitions this season, is expected to continue on the right flank and could be joined in the front three by Rumarn Burrell and Kai Kennedy, while Liam Henderson, who scored a brace against Alloa last weekend, is set to start in midfield.
As for Inverness, Sean Welsh was not involved in the draw with Dundee last weekend and it remains to be seen whether he will be available for selection on Saturday, while Tom Walsh, Roddy MacGregor and Shane Sutherland remain sidelined with injuries.
Dodds is unlikely to make too many changes to his starting lineup, but Wallace Duffy, Austin Samuels and Dan MacKay all made an impact off the substitutes' bench last time out and will be hoping to force their wat into the first XI.
Falkirk possible starting lineup:
Kinnear; Williamson, Donaldson, McKay, McCann; Henderson, McGinn, Kucheriavyi; Robinson, Burrell, Kennedy
Inverness Caledonian Thistle possible starting lineup:
Ridgers; Carson, Devine, Deas, Delaney; Henderson, Allardice, Boyd, Mackay; Shaw; Mckay
We say: Falkirk 1-2 Inverness Caledonian Thistle
A closely-fought semi-final contest is set to be played out between two teams who will be desperate to book their place in the final, but with Inverness boasting slightly better form heading into Saturday's clash, we believe the second-tier side will edge out their third-tier counterparts to set up a showdown with either Celtic or Rangers.