The 44-year-old singer proposed to Jwan Yosef - who he has been dating for over a year - but he was so nervous about popping the question, he messed up what he wanted to say and didn't even take in his partner's response.
He told talk show host Ellen DeGeneres: "I proposed. I was really nervous, but I got on my knees and I took out the little metal box I just had it in a little velvet pouch and instead of saying 'Will you marry me'... I said, 'I got you something!' Bad.
"And then he was like, 'Yes.' I said, 'I want to spend my life with you' and he was like, 'What is the question?' 'Would you marry me?' That's it.
"Yeah it was very beautiful and then you know it was very beautiful. And then thirty minutes after I said, 'Did you say yes?' Yes. He said 'Yes.' "
Two people who are thrilled by the news are the 'Livin' La Vida Loca' hitmaker's eight-year-old twin sons, Matteo and Valentino, because they adore Jwan.
Ricky said: "They love each other. It's perfect, Ellen. It's been really special."
The singer fell for 32-year-old Jwan when he was buying some new artwork.
He gushed: "He's a conceptual artist and I'm a collector. I started looking for art and I saw his art and I went crazy because I really love what he does. Really original. And then I contacted him."
Ricky was previously in a three-year relationship with Carlos Gonzalez Abella from 2011 until January 2014..
Last year the Puerto Rican singer said he was ready to find love again.
At the time, he said: "To be honest, I love being in a relationship. I really do and I love picking up my phone and waiting for that reply from that text - It's great ... I love being in love."