The 23-year-old has got engaged to The Vampire Diaries actress Scarlett Byrne after nearly two years of dating, PEOPLE can confirm.
The son of Playboy Magazine founder Hugh Hefner popped the question earlier this week and shared the news on Instagram, showing off Byrne's huge rock and the couple's excitement.
"To many more adventures with this lovely lady," he wrote alongside the photo collage of the happy pair.
Byrne announced the news on her own Instagram, sharing a photo of the couple cuddled up in bed with her hand resting on her new fiancé's shoulder – her ring on full display.
"I was lucky enough to fall in love with my best friend," she wrote.
The original playboy himself, Hef, commented on the couple's engagement, tweeting his congratulations.
"Sending love and congratulations to my son Cooper and his fianceé Scarlett on their engagement," he tweeted.