The former model and talk-show host was to announce the event Thursday.
Drake will perform at the ball, which is to benefit the Tyra Banks Tzone at the Lower Eastside Girls Club. Banks formed Tzone in 1999 as a weeklong camp for girls, but the organization is now making a permanent, physical home at the New York girls club.
The Flawsome Ball takes its name from a word coined by Banks that combines "flaws" and "awesome" to celebrate individuality. It will be held Oct. 18.
The 38-year-old Banks is host and executive producer of the CW series "America's Next Top Model."