They are travelling around on a super yacht and have already visited Sardinia and Positano.
And and girlfriend Camila Morrone looked like they were having the time of their lives as they cosied up on a jet ski in Ponza, on Sunday.
The Hollywood actor, 44 cut a casual figure as he hit the waters with his other half, donning navy swimming trunks, a cap and a pair of shades.
Model Camila, 22, looked sensational as she styled her brunette tresses into an updo and sported a puffed life jacket.
The couple took turns on the jet ski, with Leonardo taking the handles for some of the way before they swapped positions and Camila drove them around the water.