The network revealed the news on Tuesday.
Lopez responded with emotion to the announcement.
“I grew up in the MTV era,” Lopez said during MTV’s Facebook Live interview. “I was watching all the way back from Tina Turner, Bruce Springsteen and Madonna and Janet [Jackson] and Michael [Jackson], all of them. They were my inspirations to get into the music business, to do what I did. Their videos inspired me to do the videos I did. Now, to be 20 years in and here and winning this award, it’s just mind blowing.”
Previous winners of the award include Rihanna, Justin Timberlake, Beyoncé, Kanye West, Madonna and Pink.
Lopez will also take the stage to perform — a first at the show since 2001. Additionally, the singer is nominated in two VMA categories for her new single, “Dinero.”
Fans can vote online for their top selections across 12 VMA categories over the next few weeks.
The MTV VMAs will be set at Radio City Music Hall and broadcast on August 20.