The 23-year-old pageant queen and 53-year-old musician recently threw an engagement party.
The surprise news on Instagram on Thursday, posting a close-up photo of her gorgeous diamond ring to her Story with the caption, "Engagement Partyyyyy!!!
Nadia's enormous diamond looks to be an emerald cut flanked on either side by tapered baguette diamonds," Mike Fried, CEO of The Diamond Pro, tells PEOPLE.
His left hand – complete with a covered-up Jennifer Lopez tattoo on his ring finger, which he inked over more than a decade ago – over his new fiancée's.
Prior to revealing their big news, the pair spent the day in Miami with friends leading up to the party, dined and partied on a boat, and toasted with champagne, per Ferreira's Instagram Story.
The party, which took place at Sexy Fish in Miami, was reportedly held as a celebration of the model's 23rd birthday, which was May 10.
They dined on a lavish dinner of sushi, oysters and caviar and appeared to be in an extremely celebratory mood, hugging and kissing throughout the night at an opulent table surrounded by friends," a source told PEOPLE.
But the surprise came at the end of the dinner, when Nadia, wearing a skin-tight white dress
Posted a picture on her IG showcasing a stunning diamond engagement ring with the caption 'Engagement Partyyyyy' with a ring emoji," continued the source.