The Federal Trade Commission (FTC) has been investigating allegations that political consultancy Cambridge Analytica improperly obtained the data of up to 87 million Facebook users.
The settlement was approved by the FTC in a 3-2 vote, sources told US media.
Facebook and the FTC told the BBC they had no comment on the reports.
How was the settlement reached?
The consumer protection agency the FTC began investigating Facebook in March 2018 following reports that Cambridge Analytica had accessed the data of tens of millions of its users.