Machado, recognised for her tireless work promoting democratic rights in Venezuela, gave Trump the medal in a gold frame, accompanied by a letter praising his leadership.
Trump, who had previously expressed a desire for the honour, was photographed beaming with the award and later lauded the gesture on Truth Social.
Machado was observed departing the White House with a gift bag featuring Trump's signature.
The Norwegian Nobel Committee subsequently issued a statement clarifying that the original recipient of the Nobel Peace Prize remains unchanged, irrespective of who holds the medal.