The three-time All-Star averaged 15.9 points, 8.2 boards, and 1.6 blocks per game during her lone campaign with the Aces in 2019. Cambage sat out last season after receiving a medical exemption.
"We're excited to have Liz back in an Aces uniform," said head coach Bill Laimbeer. "Two years ago (in Cambage's first year in Las Vegas), we made great strides toward becoming a championship ball club.
"Last season, we continued along that journey but came up short. With Liz coming back, along with our other returnees and additions made this offseason in free agency, we are all committed to take another run at a championship and can't wait to get started."
The Tulsa Shock (now Dallas Wings) selected Cambage second overall in 2011. She has since earned two All-WNBA selections and captured one scoring title.
Cambage's 53-point effort against the New York Liberty in 2018 is a single-game league record.