This study investigates the interaction between a freely rising, deformable bubble and a freely settling particle of the same size due to gravity. Initially, an in-line configuration is considered while varying the Bond, Galilei and Archimedes numbers. The study shows that as the bubble and particle approach each other, a liquid film forms between them that undergoes drainage. The formation of the liquid film leads to dissipation of kinetic energy, and for sufficiently large bubble velocities, particle flotation takes place. Increasing the Bond number causes the bubble to deform more severely, which may allow the particle to pass through the bubble as it ruptures. This work also considers an offset configuration, which shows that the bubble slides away from the particle, affecting its settling trajectory.