"The Duke and Duchess of York are delighted to announce the engagement of Princess Beatrice to Mr Edoardo Mapelli Mozzi," the palace wrote alongside the post, which featured two photos of the couple and Beatrice's beautiful ring.
"Her Royal Highness and Mr Mapelli Mozzi became engaged in Italy earlier this month," the caption continued. "The wedding will take place in 2020."
"We are extremely happy to be able to share the news of our recent engagement," Beatrice and Edorado said in a joint statement. "We are both so excited to be embarking on this life adventure together and can't wait to be married."
The message continued, "We share so many similar interests and values and we know this will stand us in great stead for the years ahead, full of love and happiness."
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Princess Beatrice's parents, the Duke and Duchess of York -- Sarah Ferguson and Prince Andrew -- commented on their daughter's exciting news.
"We are thrilled that Beatrice and Edoardo have got engaged, having watched their relationship develop with pride," they said in a statement. "We are the lucky parents of a wonderful daughter who has found her love and companion in a completely devoted friend and loyal young man. We send them every good wish for a wonderful family future."
According to the palace, Edoardo proposed to the royal when they were "away for the weekend" in Italy earlier this month. The couple had traveled to Italy for their friend Misha Nonoo's wedding in Rome, which Beatrice's sister Princess Eugenie, Prince Harry and Meghan Markle also attended, People reported last week.