The rapper, who is currently competing in UK show Dancing On Ice, said he met the actor while at the Shepperton Studios in London and The Matrix star said to him: 'Hi, are you Vanilla Ice?'
He then replied: 'Yeah dude, are you Canoe Reeves? I thought, that dude looks like Canoe Reeves, and it is. Nice to meet you, Canoe.'
Reeves has been filming his new film 47 Ronin at the studios where Dancing On Ice is also filmed.
A source said to UK newspaper The Sun: 'It was only when Vanilla was retelling the story he realised his error. Vanilla really thought his name was pronounced canoe. He is really embarrassed.'