Swank, 41, said "yes" to her boyfriend, former professional tennis player Ruben Torres, after nearly a year of dating, the actress' rep confirms exclusively to PEOPLE.
Swank also posted a photo on her Instagram, in which she can be seen posing with Torres as she shows off her engagement ring.
"Went on a hike and this happened! I am so happy to announce the engagement to my dear Ruben," she captioned the sweet snapshot.
A source tells PEOPLE that Torres popped the question over the weekend at the BNP Paribas Tennis Open in Palm Springs. The two stepped out for the Moët & Chandon's inaugural "Holding Court" Champagne bash on Saturday night looking happy and inseparable.
The former tennis player-turned-financial advisor is a Colombian native who attended the University of Southern California. After playing tennis professionally, he now works as a tennis coach and wealth manager for UBS Financial Services.
The two have been romantically linked since July, and made their red carpet debut as a couple in December while attending DuJour Magazine's annual kick-off party for Art Basel in Miami.
This will be the second marriage for Swank, who was married to actor Chad Lowe for 10 years, before their 2007 divorce.