Facebook is acquiring Masquerade, the creator of the MSQRD app.
The app allows users to place filters, masks and special effects on selfies and videos.
Facebook's move for Masquerade has been seen as another challenger to Snapchat.
This is not the first time Facebook has been seen to be squaring up to Snapchat, which it failed to buy for $3m in 2013.
The financial details behind the deal have not been revealed.
But Masquerade announced the move in a blog post. Signed by chief executive Eugene Nevgen, it said: "At Masquerade, we’ve worked hard to make video more fun and engaging by creating filters that enhance and alter your appearance.
"Now, we’re excited to join forces with Facebook and bring the technology to even more people. Within Facebook, we’re going to be able to reach people at a scale like never before."
Read more: Snapchat turns down $3bn offer from Facebook
Facebook has also confirmed the deal.
A spokesman said: “Masquerade has built a fantastic app, MSQRD, with world-class imaging technology for video.
"We’re excited to welcome Masquerade to our team and continue enhancing the Facebook video experience.”
To see the app in action, here's MSQRD's most famous app user Cara Delevingne swapping faces with Leonardo DiCaprio...