Camacho scored four tries in 30 appearances for Quins, with his final try for the club having helped secured a dramatic 19-18 victory over Stade Francais in the final of the Amlin Challenge Cup.
The 26-year-old had attracted interest from a number of club, however he has opted to follows former Quins team-mate John Andress in making the switch to the Chiefs.
Camacho said: "I am very excited about this new experience and coming to live and play in Exeter.
"I have heard nothing but good things about the club and having played at the stadium in Exeter, I loved the crowd. They are crazy for the team and I love that.
"When I came down to Exeter a few weeks ago the people there seemed so friendly. You don't find that everywhere, but it was an amazing experience. The club too was very nice and the set-up is very professional."
Exeter head coach Rob Baxter is delighted to have signed Camacho, who will replace the space left by Nemani Nadolo.
Baxter said: "We have said for some time that we have been looking for a replacement for Nemani since we knew he left. Interestingly enough and around the same time, Gonzalo came onto the market and it is just a really good fit for us.
"He's a completely different player to Nemani, but also a different kind of player to what we have here already.
"He's a smaller, lighter guy, who is more reliant on his footwork and his explosive pace over a short distance.
"He is a very tough, competitive player - which is obviously very attractive to us - and he's shown some good form at the time he became available playing very well in a Harlequins side that was also playing very well. As I said, he's a really good signing for us."
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