"Sarah and I actually just broke up," O'Connell toldPeople on Monday night in Hollywood.
"I think it was a mutual break-up. The thing is that we dated for five years... and [were] just arguing over the same things and stuff like that. And then eventually you've got to go your separate ways."
O'Connell added he has no hard feelings against Brice.
"She's a great girl," he told People. "I'm sure she'll do great."
O'Connell selected Brice during The Bachelor's final seventh-season Rose Ceremony in 2005, however instead of proposing he presented her with a promise ring so the couple could attempt to have a relationship in the real world.
After they reunited, Brice attributed the split to O'Connell's excessive drinking and her desire to be more independent.
In February 2009, O'Connell claimed he hadn't "had a drink in almost two years or something like that," and Brice added his drinking had been "99% of the problem" in their relationship.
Earlier this year, Oxygen began developingWhen Charlie Met Sarah -- a new reality series that would follow the couple as O'Connell attempted to convince Brice to move back in with him but she pushed for a wedding proposal first, according to the network.
While he didn't directly address the current status of When Charlie Met Sarah, O'Connell did tell People more reality television roles could be in his future and added he's "hooked" on Celebrity Rehab with Dr. Drew and The Celebrity Apprentice.
"If it's something that is exciting and fun, and not torturous, then yeah," he told People.