The couple was photographed on out to lunch on Monday grabbing sushi in Encino, Calif.
Pacheco was sporting her new pear-shaped sparkler — which is estimated to cost anywhere from $40,000 to $80,000 — while dressed down in sweats and a t-shirt. The 28-year-old model completed the casual look with a jean jacket and sneakers.
Valderrama, 39, also dressed comfortably for the outing in black sweats, a navy tee and a black coat.
The “That ’70s Show” star posted a photo of himself proposing to Pacheco on Jan. 2, as well as a close up of the ring.
“‘It’s just us now’ 01-01-2020,” he captioned the announcement.