Hilton's representative Dawn Miller verified recent press reports in a statement to People.
"I can confirm that Paris Hilton and Cy Waits have ended their relationship," Miller told the publication.
"It was a joint and amicable decision. They both have respect and care for one another and ask for you to please respect their privacy."
Hilton and nightclub owner Waits began dating in August 2010.
It had been reported last week that the couple were "re-evaluating" their relationship. Insiders claimed that Waits had been finding it difficult to cope with life in the public eye.
Hotel heiress Hilton spoke of her happiness with Waits last month, describing her then-boyfriend as "incredible".
She has not yet commented personally on the split, but did tweet to say that she is due to appear on The George Lopez Show tonight to discuss her television show The World According to Paris.