UFC officials announced the 135-pound matchup on Saturday. The bout will headline UFC Fight Night at Mandalay Bay Events Center in Las Vegas.
Almeida (20-0), 24, is 4-0 in the UFC, including knockout victories in his past three appearances. He has gone the distance just once in his 20-fight career and holds notable wins over Yves Jabouin, Brad Pickett and Anthony Birchak.
Garbrandt (8-0), 24, is 3-0 inside the Octagon. Seven of his eight career wins have come via knockout. Originally from Ohio, Garbrandt trains out of Team Alpha Male in Sacramento. He was scheduled to face ranked bantamweight John Lineker last month, but Linker withdrew because of illness.
Both bantamweights have carried the prospect tag since signing with the UFC, though either could arguably be considered a legitimate contender. The May 29 event will mark the first headliner opportunity for both fighters.