The couple, which began dating in the summer of 2012, is said to have parted ways over the weekend (26-27Apr14).
A source tells People.com, "It just wasn't working out."
Harry, 29, was introduced to the 24-year-old student by the prince's cousin, Princess Eugenie, who is close friends with Bonas.
The blonde even accompanied her beau to the WE Day charity launch at Britain's Wembley Arena in March (14), marking her first official event with the prince.
Bonas is the daughter of British entrepreneur Jeffrey Bonas and Lady Mary-Gaye Georgiana Lorna Curzon.