The Oscar winner, 30, read the news that the former couple had reunited for a getaway in Montana while appearing with her friend Heather McMahan on The Bitch Bible podcast.
"Breaking f— news," Lawrence says. "Jennifer Lopez and Ben Affleck are back together. They're in Montana. They are on vacation with each other right now."
She then gushes, "I'm so excited!"
The conversation drifts to the color of Lopez's old engagement ring from Affleck, who proposed in 2002. The ring, Lawrence confirms, was a $1.2 million 6.1-carat-pink-diamond stunner from Harry Winston.
Lopez and Affleck were engaged in 2002 and costarred in the films Jersey Girl and Gigli. They postponed their 2003 wedding days before they were set to walk down the aisle, then officially split by January 2004.
On Monday, sources told PEOPLE they were spotted riding in a car together near a resort in Big Sky, where Affleck, 48, has a home. He was seen behind the wheel with Lopez, 51, in the passenger seat.
That day, a source told PEOPLE Lopez "had a great time with Ben" in Montana, adding, "She is happy with him and enjoys spending time with him."
"[Jennifer] spent several days with Ben out of town. They have a strong connection. It's all been quick and intense, but Jennifer is happy," the source said of the pair who were later spotted arriving back in L.A. on Saturday on a private jet.
Listen below to the episode of our daily podcast PEOPLE Every Day for more on Jennifer Lopez and Ben Affleck's vacation in Montana.
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News of Affleck and Lopez's outings come after she and ex-fiancé Alex Rodriguez released a joint statement on April 15 announcing the end of their engagement. Multiple sources previously confirmed to PEOPLE that Lopez ultimately broke up with Rodriguez, 45.
Affleck previously dated actress, Ana de Armas. The Deep Water costars split in January after first being romantically linked in early 2020.