It's Official! Bachelor in Paradise's Jared Haibon got down on knee to propose Ashley Iaconetti

Bachelor in Paradise's Ashley Iaconetti and Jared Haibon are engaged, PEOPLE confirms. Haibon asked on Sunday while in Mexico for the upcoming fifth season of Bachelor in Paradise, the summer spin-off series where The Bachelor alums’ up-and-down relationship began three years ago.

Haibon got down on one knee on the beach as the bride-to-be, wearing a bright yellow dress, put her hands on her chest and threw her head back in excitement.

“Ashley and Jared are both so excited about the engagement,” a source tells PEOPLE. “Ashley had her suspicions that an engagement would happen in Mexico but she didn’t want to get herself too psyched out and then have nothing happen. They’re both thrilled though!”

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After her Bachelor Winter Games romance with Kevin Wendt fizzled out in March, Haibon poured his heart into an emotional love letter that took three days to write. “I was scream-crying basically alone in my apartment reading that just sobbing and sobbing,” said Iaconetti.

During a weekend spent in Virginia with their friends for a charity event Iaconetti was planning, Haibon saw her in a different light. “I was in love,” he previously told PEOPLE. “That was such a different experience being with someone in the show and in real life. [Iaconetti was] just so down to earth and easy-going, ambitious … sexy.”

Added Iaconetti, “I knew that he was looking at me!”

They officially confirmed their relationship in late May, and recapped their journey for fans in a tear-filled episode of Iaconetti’s show The Story of Us.

“There’s just this undeniable, magnetic force between the two of us that just is indescribable,” Haibon told PEOPLE at the annual Nylon Young Hollywood Party last month. “Love conquered.”

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