The singer said that "growing up on MTV and watching all my idols [.] get this award, being the recipient is like - I can't even believe it".
The Vanguard Award has recognized great accomplishments for music performers since the first Video Music Awards ceremony in 1984.
Lopez is also nominated for two VMAs for her most recent single, Dinero featuring DJ Khaled and Cardi B, and will perform live at the show for the first time since 2001. Lopez and Sway announced the news on MTV's Facebook Live this afternoon. "Their videos inspired me to do the videos that I did so now to be 20 years in and here and winning this award, it's mind-blowing to me".
Over the years, Lopez has snagged two Moon trophies, among 21 nominations.
The 2018 VMAs will air live from Radio City Music Hall in New York City on August 20 at 9 p.m. on MTV.
The award has been given to musicians and bands such as Madonna, Janet Jackson, Justin Timberlake, Guns N' Roses, Rihanna, Kanye West, Britney Spear, and David Bowie in the past.