Angulo has put pen to paper on a four-and-a-half year contract at the Stadium of Light, joining from Anderlecht for an initial fee of £15m. That could rise by a further £2.5m in potential add-ons.
The Ecuador international has starred in Belgium this season, scoring seven goals and providing eight assists in 30 appearances.
Despite only being 22, Angulo already has 160 senior appearances to his name across all competitions and has registered 44 goal contributions.
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He featured 35 times for LDU Quito in Ecuador before joining Anderlecht in June 2022. The winger is close friends with Sunderland's Noah Sadiki.
Speakman, Sunderland's sporting director, said: “Nilson is an incredibly exciting prospect, and we are delighted he’s chosen to join Sunderland.
"A quick and creative wide player, he excels in all the core actions required to impact the final third, and he arrives ambitious to make an impression.
"He’s young but has already had many interesting experiences as a senior player domestically, on the European stage, and internationally with Ecuador.
"We are delighted to have completed this signing and look forward to welcoming Nilson to Wearside.”
Angulo will travel to Sunderland later this week to join his new team-mates.
His arrival follows the exit of Simon Adingra, who has linked up with Monaco, initially on loan. Adil Aouchiche completed a permanent move to Schalke.