The 22-year-old singer and the 23-year-old former Miss Universe have split, multiple sources confirm to ET.
One source reveals that both are currently in New York City, though staying in separate hotels.
The two attended many celebrity events together, as well as the 2014 Miss Universe pageant, where he performed and at one point, stepped off the stage into the audience and sang to the beauty queen on one knee.
Nick and Olivia had been dating since August 2013, when they met at the 2013 Miss USA competition.
Rumors of a split have surrounded the former couple recently, especially since the good-looking pair hasn't been seen together since the 2015 Billboard Music Awards on May 17.
Olivia was "heartbroken" when Nick broke up with her, another source adds.
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"Heartbreak is hard but you find more and more things to be grateful for every day.""One of those things is all of you," she continued. Yes I'm going to be okay and I love u guys so so much.Every day is a blessing."Jonas penned his single "Jealous" about Culpo.