The annual ceremony, which will take place at the MGM Grand Garden Arena in Las Vegas, will showcase this year's hottest musical acts and biggest stars.
This will be the 37-year-old rapper's second time hosting—he previously served as co-host last year—while John Legend's wife will join him, bringing her supermodel looks to the stage.
"If my extensive collection of all 53 ‘Now That's What I Call Music' compilations is any indication, I am both qualified and honored to join Ludacris in hosting this amazing show that spotlights the best music and artists of the year," Teigen, 29, said in a statement in her signature sassy fashion.
"I had so much fun hosting the Billboard Music Awards last year and I can't wait to be back!" Ludacris added.
Additional big winners at the 2014 show included Justin Timberlake, who took home eight accolades, including top artist, as well as Robin Thicke and Pharrell, who were honored for their hit "Blurred Lines."
The finalists for the 2015 Billboard Music Awards will be announced on Tuesday, April 7. The show will air live Sunday, May 17 at 8 p.m. ET on ABC.