Cambage finished second behind Breanna Stewart in WNBA MVP balloting last year. The 6-foot-8 Australian said in January that she no longer wanted to play in Dallas. After initially saying she would go only to Los Angeles, Cambage changed her mind and accepted this deal.
"Everyone in the Aces family is excited to welcome Liz to Las Vegas," said Bill Laimbeer, the Aces' president of basketball operations and head coach. "She brings an attitude and physical presence that we need. There is no doubt about her physical ability, but what we respect most about her is her basketball IQ. That is what we are about."
The 27-year-old center set a league record last season by scoring 53 points against New York. She averaged 23 points and 9.7 rebounds per game.
The move gives the Aces a formidable frontcourt by pairing Cambage with rookie of the year A'ja Wilson.
Jefferson, 25, is a Dallas native who missed 13 games in 2017 and 17 more last season after surgery on her right knee.
"We made a series of transactions today that I believe benefit our team now and in the future," Wings president and CEO Greg Bibb said. "Since we began discussions around a potential deal in January, Moriah Jefferson and Isabelle Harrison have been the players we have sought to add to our team.
"While Moriah may ultimately decide to sit out the 2019 season, we are willing to wait for her first appearance in a Wings uniform. We believe she is an elite-level point guard and we are excited for her to join her hometown team and to be a key part of our organization for the foreseeable future."
Harrison, 25, took a medical leave last year, missing the entire season.
The Associated Press contributed to this report.