Iggy Azalea and Nick Young are engaged. 

The Los Angeles Lakers player proposed to the "Fancy" rapper on his 30th birthday party on Monday night in Los Angeles. Young presented the 24-year old with a 10.43 carat Jason of Beverly Hills engagement ring valued at $500,000. The ring features an 8.15 carat yellow cushion cut center stone surrounded by 2.28 carats of white diamonds set onto an 18 karat white gold band. 

Azalea showed off her stunning new ring via three Instagram posts to let her fans know that she has accepted her boyfriend's proposal. 

"Happiest day #IsaidYes," the "Pretty Girls" rapper wrote in one photo caption. 

In another post, she can be seen beaming as she cuddles up to her new fiancé, her left hand held close to her chest; while in another snap, the two lean in to share a kiss. 

"Love you @swaggyp1," she wrote, tagging the basketball player. 

Young also shared a post-proposal picture on Instagram and wrote, "She said yes. It's over man. I'm getting married!" 

Young proposed to Azalea in front of his family and friends. The romantic proposal was caught on video and shared on social media by Karen Civil.

As shown in the footage, the basketball player was casually attired in a white shirt and a black jacket. He went down on his knee before asking Azalea, "Will you marry me?" 

"Yes," the rapper instantly replied, which triggered the cheers of their close friends and family attending the birthday bash. 

A source told E! News that Young completely surprised Azalea with the proposal.

"She was shocked and so excited and emotional at the same time," said the insider. "Nick has known for a long time Iggy was the one for him, but he was just waiting on the perfect time to pop the question…He can't think of anyone else to spend his life with but her."  

The couple originally met on Twitter in September 2013 when Young sent the rapper a tweet telling her that she was his "woman crush Wednesday." The couple reportedly went on their first date a few days after the tweet.