UFC officials announced the matchup on Wednesday, following an initial report by Sportsnet. The event will take place inside Rogers Arena.
Johnson (19-2-1) will seek his fourth defense of the UFC 125-pound title. Fighting out of Parkland, Wash., he is coming off a stunning first-round knockout over Joseph Benavidez at a UFC on Fox event in December.
ESPN.com ranks Johnson, 27, the No. 3 pound-for-pound fighter in the world.
Bagautinov (13-2) has compiled a 3-0 record since signing with the UFC last year. The Dagestani flyweight is coming off a unanimous decision win over John Lineker at UFC 169 in February. He is currently on an 11-fight win streak.