"Madi and I have mutually decided to not pursue our relationship any further," Peter wrote as part of a lengthy post, which served as the caption of a photo of himself.
"Believe me this was not easy for either of us to be ok with, but after a lot of honest conversations, we have agreed that this is what makes most sense for the two of us. The love and respect I have for Madi will continue to endure."
Peter went on to thank Madi by writing, "Madi, thank you for your patience and unconditional love. You're the epitome of a woman who carries herself with grace, stands by what she believes in, and loves whole heartedly. That love is something I feel so grateful to have felt and will take a piece of that with me always going forward."
And Madison made her announcement by posting a photo of Peter and herself from The Bachelor finale on Tuesday night in which they both looked so happy.
"As Peter and I have decided to go our separate ways, I am confident that we will both move in the direction of our purpose and never forget that God has a plan in all things. I will always love and respect him," Madison shared.
"I am convinced our paths were meant to cross and we are both better because they did. [Peter] you are an amazing guy and I'm thankful for you. I will always be your biggest fan."
Despite the pain of a breakup, Madison added she's grateful for her time on The Bachelor.
"So incredibly thankful for this amazing journey I've had the honor of being a part of. I have grown so much and am stronger than I was going in," she wrote. "I have learned the importance of acceptance, forgiveness, and grace... And to the amazing women I met this season, I will love you for life. Thank you @abcnetwork for allowing me to embark on this journey."
In Peter's statement, he also addressed his cast of women on The Bachelor, calling attention to his ex-fiancee Hannah Ann Sluss in particular.
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"I want to start by acknowledging the incredible group of women that I had the privilege of getting to know this season. Thank you for coming on this journey with me. I learned so many lessons from all of you that I will carry with me," Peter wrote.
Peter then suggested Hannah Ann -- who claims Peter dumped her in January, just two months after he proposed marriage to her in Australia -- has become a role model for standing up for herself during and after their split.
"Hannah Ann, you set an example for women everywhere a couple nights ago. You are such a strong, confident woman and you deserve all the love in the world. I accept full responsibility for my mistakes in our relationship and wish you only the best," Peter insisted.
"This has been an emotional experience and I am so grateful for the outreach of support that I have received from friends, family, and Bachelor Nation in the last few days. Thank you to all of you! This is just a another chapter in my story. One I will never forget and one I will always cherish."
Once Peter became single again, The Bachelor host Chris Harrison took it upon himself to play matchmaker by tracking Madison down in Auburn, AL, and informing her Peter had called off his engagement essentially due to his feelings for her.
Madison admitted she could barely eat or sleep after her breakup with Peter and regretted ever leaving him to begin with, so she acknowledged she would absolutely want to give their relationship a second chance.
Chris therefore set up a reunion for the pair, and Peter unsurprisingly was up for giving his romance with Madison another shot, much to the dismay of Peter's mother Barbara Weber and the rest of his family.
Fans were left under the impression after the live finale Peter and Madison were going to take their relationship one step at a time because they were still in love with each other, but Barbara argued during the finale they'd never work out as a couple since they're simply not compatible and got off to such a rocky start.