Officials announced the 125-pound bout on Tuesday. It will take place at UFC Fight Night on Feb. 3 in Belem, Brazil.
Shevchenko (14-3) is coming off a controversial decision loss to Amanda Nunes for the 135-pound bantamweight championship at UFC 215. She is 3-2 in the UFC, with both losses coming against Nunes.
Expectations are high for the former professional kickboxer at 125 pounds. The talented Kyrgyzstani-Peruvian striker was always considered undersized at bantamweight.
Cachoeira (8-0), of Rio de Janeiro, picked up four wins in 2017, including three knockouts.
The UFC crowned Nicco Montano (4-2) its first-ever female flyweight champion earlier this month at The Ultimate Fighter 26 Finale in Las Vegas. Montano is currently sidelined with a foot injury. An exact timeframe for her return is unknown.