Nikki Reed and Paul McDonald Are Engaged

UPDATED 06/06/2011 at 09:30 AM EDT Originally published 06/05/2011 at 11:30 PM EDT

Nikki Reed, Paul McDonald Engaged
Paul McDonald and Nikki Reed
Gregg DeGuire/MTV/PictureGroup
After meeting in March, Nikki Reed and Paul McDonald embarked upon a whirlwind romance – and now they've taken the next step.

The Breaking Dawn star, 23, and her American Idol alum beau, 26, are engaged, a source confirms to PEOPLE.

Posing together at Sunday's MTV Movie Awards, the couple showed off a sparkler on Reed's left ring finger as she told E!, "He's the one."

And to those who are concerned that the pair may be moving too fast, the actress – who is reportedly house hunting with McDonald – has an answer.

"I love him and I don't care," Reed told PEOPLE in May.

"I've never met anyone like him. I've never met anyone who has such a good solid heart and comes from such a good solid family and is just a genuine person. We have the exact same sense of humor. I've never laughed so much with anyone as I do with him."

News of the engagement was first broken by E!'s Marc Malkin on the red carpet at the MTV Movie Awards.

For a complete list of MTV Movie Award winners, click here.

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