Keith will be pulling double duty as he will also perform during the June 6 awards ceremony, according to People.
The 'Red Solo Cup' singer said that it is an "honour" to be hosting the CMT Music Awards, while House of Lies star Bell declared that "country music makes [her] happy".
Carrie Underwood, Brad Paisley, Lady Antebellum, Kenny Chesney and Little Big Town were previously announced as performers for this year's gala.
Underwood has received five CMT Music Award nominations, including 'Female Artist of the Year'. Lady Antebellum and Miranda Lambert have received multiple nods as well.
Fans are invited to vote for this year's winners on CMT.com.
The 2012 CMT Music Awards air live from Nashville on CMT on June 6. The ceremony will also stream live on CMT's official website.
> CMT Music Awards: The nominees - Carrie Underwood, Blake Shelton, more
Watch Toby Keith's 'Red Solo Cup' music video below: