Bad Bunny sent fans into a frenzy with one flashy “engagement” ring at the Grammys this weekend … but the only lucky thing he took home last night was his album trophy … TMZ has learned.

A source familiar with the situation tells TMZ the global superstar is not engaged … despite fans going into full detective mode after spotting a ring on that finger during the awards show.

The ring sparked speculation almost immediately online, with fans questioning whether BB had quietly proposed to a mystery lover after flashing the jewelry throughout the night. But according to our source, there’s no romantic milestone behind it.

We’re told the ring was actually a gift from Cartier — not an engagement ring, not a family heirloom, and not tied to any secret relationship. Bad Bunny simply chose to wear it to the Grammys — where he won Album of the Year — because … well, it’s Bad Bunny, and statement jewelry is kind of his thing.

And as for who he would be engaged to if it were true … there isn’t anyone currently on the singer’s roster. Our source says Bad Bunny isn’t dating anyone at the moment, making the engagement speculation completely out of nowhere.