They said in a joint statement to People.com, "After long and careful consideration, we have decided to separate after five years of marriage. We are grateful to be the parents of two incredible young daughters that we will continue to co-parent. We would greatly appreciate your respect for our family's privacy as we begin this delicate next chapter for all members of our family."
Lima, 32, and Jaric, 35, eloped on Valentine's Day in 2009.
They have two daughters; Valentina, 4, and Sienna, 19 months.
Victoria's Secret model Adriana Lima and former NBA star Marko Jaric are calling it quits.