The Las Vegas Review-Journal reported the bout on Monday and confirmed by UFC officials.
The 33-year-old Aguilar will be making her second trip inside the Octagon, her first coming against Claudia Gadelha at UFC 190 last August. She saw her 10-fight winning streak come to an end that night, losing on the scorecards against the No. 1 contender.
Lima, who is currently ranked No. 14 on the UFC's media-driven rankings, will be looking to make it three wins in a row. She defeated Nina Ansaroff and Ericka Almeida in her last two bouts, after suffering a loss against current 115-pound champion Joanna Jedrzejczyk in July 2014.
UFC 197 takes place at the MGM Grand Garden Arena in Las Vegas, Nevada. The event is expected to feature a light heavyweight bout between current 205-pound champion Daniel Cormier and the former champ, Jon Jones. Also slated to take place in the co-main is a flyweight title fight between Demetrious Johnson and Henry Cejudo.