UFC officials announced the bout late Monday night.
Caraway (18-6) will be making his first trip to the Octagon in nearly a year, fresh off a stint as an assistant coach to his teammate and girlfriend Miesha Tate on The Ultimate Fighter: Team Rousey vs. Team Tate.
Caraway is 3-1 in the UFC, having slipped up only in a split decision loss to Takeya Mizugaki in March 2013. He bounced back the next month, submitting Johnny Bedford at UFC 159.
Martins (12-1) lone loss was to Edson Barboza in his Octagon debut in January of 2013. He has since rebounded with a knockout victory over Jeremy Larsen and followed that with a technical submission of Junior Hernandez.
With Caraway greatest strengths being on the mat, and Martins notching nine knockouts on his record courtesy of a strong background in Muay Thai, this one could be the classic grappler vs. striker match-up.