The performance will mark Gaga's first return to the VMAs stage since 2013, when she opened the show with a colorful performance of her song, "Applause," from her ARTPOP album.
Grande, 27, last performed at the VMAs in 2018 with her song, "God Is a Woman."
The powerhouse pair also leads this year's nominations with nine nods each, seven of which are for "Rain on Me."
Their joint nominations include video of the year, song of the year and best collaboration.
Gaga will also be performing another track from her chart-topping Chromatica album, she announced earlier this month.
"I've been home dreaming of #Chromatica, and it's finally time to take off for the first live performance," she wrote on Twitter.
Gaga and Grande join a long list of performers who are scheduled to hit the stage during one of music's most iconic nights.
Earlier this month, MTV announced that nominees The Weeknd, Roddy Ricch, Maluma and CNCO are the second batch of musical artists scheduled to perform at the annual fan-voted awards show.
The group of artists joins BTS, Doja Cat and J Balvin, who were previously announced to hit the VMAs stage.
Due to the COVID-19 pandemic, the awards ceremony will not be held indoors at New York's Barclays Center as previously planned, but will instead feature live outdoor performances throughout the city with limited or no audiences — adhering to New York's health guidelines, MTV said.
Keke Palmer will serve as host for this year's iteration of the music video awards.
The 2020 MTV Video Music Awards will air live on Aug. 30 at 8 p.m. ET
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