The 32-year-old former The Bachelor bachelorette and The Bachelorette star has gotten engaged to Joe Waterman, a 35-year-old Chicago trader, People reported Wednesday.
"I'm so excited and so happy," she told People.
Schefft told People she met Waterman met on a blind date in February.
"We really get each other," Schefft told People about the couple's fairly quick engagement. "I guess it's true things move fast when you meet the right person."
The couple plan to marry in Chicago -- where Schefft also lives-- in 2009.
"We want to keep it small and intimate," she told People. "About 50 to 60 of our closest friends and family." Ironically, Schefft's engagement comes only a few months after her former fiance -- third-season The Bachelor star Andrew Firestone -- married model/actress Ivana Bozilovic in June.
Firestone proposed to Schefft during The Bachelor's 2003 third season finale, however after dating for several months, the couple split in December 2003. Earlier this week, Firestone and Bozilovic announced they are expecting their first child in 2009.