Contracts have not been signed, but the promotion is working on finalizing the 135-pound contest. The fight will take place at UFC Fight Night inside Nationwide Arena and air on ESPN.
Ladd (9-1) is coming off a TKO win over Yana Kunitskaya in December. The 24-year-old is considered one of the top young talents in the division. She is 4-1 in the UFC, with her only loss coming against recent title challenger Germaine de Randamie.
Pena (9-3) is looking to build off a decision win against former flyweight champion Nicco Montano in July. Pena missed all of 2018 following the birth of her daughter but is still highly ranked, with victories in five of her past six contests.