"Yes, they are expecting their first child," a rep for Bell confirms to E! News.
Word of the impending stork's arrival was first reported by People, which revealed the actress is due in late spring.
The couple, who have appeared together in such films as When in Rome and Hit and Run, have been engaged since December 2009, when Shepard popped the question about two years after he and Bell first began dating.
Congrats to the soon-to-be mommy and daddy!