The party said its proposals would deliver at least £1bn of savings annually.
Conservative leader Kemi Badenoch said the plans would “stop those who abuse the system getting almost unlimited welfare payments”.
A total of 111,000 households in Great Britain are affected by the cap, according to the latest government figures, external.
However, the Tories said more than 2.3 million households were claiming benefits above the cap due to exemptions, including work.
The level of the cap, external depends on whether someone lives in or outside Greater London, whether they are single or part of a couple, and whether someone has children.
For example, for a couple living outside Greater London, the cap is £1,835 per month.
The measure was introduced under the Conservative-Liberal Democrat coalition in 2013, with the aim of increasing the incentive to work and reducing long-term dependency on benefits.
However, critics argue that limiting the amount part-time, low-income or out-of-work households can receive in benefits traps families in poverty.
While the cap also applies in Northern Ireland, there is a system of supplementary payments to mitigate the impact on families with children.
