The proper way to say this is, muito prazer em conhecer você ➜➜ very pleased to meet you. The literal translation is more like: lot’s of pleasure in knowing you.
But, that’s a mouthful. Brazilians usually shorten this to, muito prazer or even, prazer.
What about saying, how do you do? Brazilians don’t say that! You can say, como vai? or, tudo bem? instead.
normal ➜ Muito prazer! (It's a great pleasure!)
formal ➜ Muito prazer em conhecer você. (Great to meet you.)