She said last September she had experienced an adverse reaction to a fat reduction procedure five years ago which actually increased her fat cells.
"I'm pleased to have settled the case," she wrote on Instagram.
Last year she said she was left "unrecognisable" by the procedure.
Evangelista told her 1.2 million Instagram followers it was the reason she had disappeared from the public eye.
The terms of the settlement have not been made public. The BBC has asked both the model and the parent company behind the procedure, Allergan, for comment.
