Kennedy, 29, and Leviss, 27, ended their engagement while filming the Bravo show's 9th season reunion in Los Angeles on Friday, a source told PEOPLE.
Leviss is said to have returned the engagement ring on camera and was seen without it while at dinner later in the evening.
They confirmed their breakup in identical Instagram posts Sunday morning.
"After these 5 wonderful years we had together, we decided we have two different goals and made the decision to call off the engagement. We love each other very much, but we aren't in love anymore," Leviss and Kennedy wrote. "We want nothing but the best for each other so please keep any thoughts positive. Sending Love."
The former couple got engaged in May when Kennedy popped the question with a Coachella-themed proposal after five years of dating.
Leviss originally shared the engagement news with a collection of special photos from the evening and wrote, "James proposed at the iconic Empire Polo Fields of 'RACHELLA' Friday night... and I said YES! I'm over the Coachella moon ✨🌵🌙 #RACHELLA."
The proposal aired on Vanderpump Rules in October.
Jerritt Clark/Getty Images James Kennedy and Raquel Leviss in 2019
The former couple has faced issues in the past, with Kennedy openly battling addiction on the reality show. In July 2020, he thanked Leviss as he celebrated one year of sobriety, writing on Instagram, "Thank you to my rock @raquelleviss for getting me here I couldn't of [sic] done this without you my love. And thank you all for the support this past year."
Leviss also said she felt "verbally abused" by James on Vanderpump Rules last year, stating, "This is the last straw."
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They first got engaged in 2018 and planned to get married in April 2020. Kent and Emmett, who welcomed daughter Ocean in March, pushed back their wedding until 2022 due to COVID-19. However, reports of a split sparked in October after Kent deleted every post of Emmett from her Instagram page. TMZ and Page Six later reported they parted ways.
A source told PEOPLE, "Lala was completely blindsided by all of this and was living in the dark for so long. But now she is doing the best she can to keep her chin up and pushing forward with taking care of her daughter and supporting her family."
Kent addressed the breakup news on her Give Them Lala podcast and said, "I want to acknowledge that I'm sure everyone knows what is going on between Randall and myself and just in my personal life."
"There will be a time where I feel comfortable enough to open up and share. Today is definitely not that day," she added. "It's been a lot, I'm going through a lot."