Velazques was born in Chicago, Illinois of Puerto Rican descent. She has a BA in marketing. She appeared in the 2004 film Blast!, as well as the TV movie, The Last Ride, and currently stars in the NBC series My Name Is Earl as Catalina Aruca. She appeared on the January 2006 cover of Stuff, and was named #39 in the annual Maxim Hot 100 list. She was also originally cast as Fernando Sucre's girlfriend Maricruz Delgado in the FOX series Prison Break but acquired a role in My Name Is Earl instead. She can be seen briefly on the Prison Break set in a featurette on the show's first season DVD set.
Velazques is one of the actors in the star-studded monologue show Skirts & Flirts. Her latest role is in the movie War with Jet Li and Jason Statham, released in 2007.