The duo were spotted on the field at Ciudad Real Madrid, the side's training ground, going through a few warm-up passing drills.
Ronaldo—perhaps giving Bale a friendly reminder of who's boss—flew in to Bale during the one-touch exchange, much to the mirth of teammates.
But Bale was not overawed, and moments later can be spotted nutmegging the Portuguese star as the drill resumes.
24-year-old Bale is just recovering from an injury which has ruled him out of most of preseason, but his manager Carlo Ancelotti indicated in his Friday press conference that Bale will play some part in the weekend's fixture away at Villarreal.
I think everyone knows his pre-season was not normal but his physical condition is not bad.
I don't know if he will start but he will play some of the match. He is very excited and very motivated.
Bale himself has spoken of his excitement at the chance of making his debut, and, after playing a role for Wales in the 3-0 defeat to Serbia, he admitted in quotes picked up by the Daily Mail that he still has some work to do to get up to full fitness.
It wasn't the best to go away on international duty but I'm back now and have had two good sessions. I'm feeling good physically. I'm a little bit behind everyone else but I won't take long to catch up.
Judging by the nutmeg, though, Bale's touch hasn't gone missing during the course of his absence with injury.
Update: You can watch an extended 12-minute video from training here.