Kelly Ripa and Mark Consuelos Dress as Lady Gaga and Bruno Mars for Live's Annual Halloween Show (Exclusive)

Kelly Ripa and Mark Consuelos are hitting all the right notes this Halloween.

The couple and Emmy-winning talk show hosts transform into Lady Gaga and Bruno Mars for the Oct. 31-episode of Live with Kelly and Mark — two of a whopping 40 pop culture-inspired costumes the pair will wear for the annual celebration of the spooky season holiday.

PEOPLE has the exclusive First Look at the married couple in their costumes. which appear to be exact replicas of the ensembles Gaga and Mars wear in their "Die with a Smile" music video.

Dropped in August, that music video saw Gaga and Mars dressed in matching blue and red 1970s Western looks, reminiscent of the garb Dolly Parton and Porter Wagoner would wear while performing together on the Grand Ole Opry stage.

Ripa, 54, and Consuelos, 53, replicate the garb perfectly. The Let's Talk Off-Camera podcast host looks to be the mirror image of Gaga in a blue tailored minidress layered over a red silk cravat-neck blouse and matching red tights. No detail has been missed, from Gaga's big, blonde beehive hairdo and unique makeup to her gold broach. she even holds a candy cigarette.

As for Consuelos, he rocks Mars' blue suit and red button-down shirt with oversized lapel. In tact, too, is Mars' cowboy hat, gold belt buckle, mustache and curly-haired frock.

Talking about their costumes in an exclusive video also shared with PEOPLE, the talk show hosts open up about how they got into character, Consuelos praising the costumes and wigs, which "help a lot."

"I actually was unfamiliar with whatever it is we are right now," Ripa teases. "But I have to tell you, now that I’ve seen the video, it’s very beautiful and it made it very easy for us to get into character."

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This isn't the first time Ripa has played Gaga on Live. "To be clear, I’ve played Lady Gaga at least five different times," she says, recalling how she dressed in infamous looks like Gaga's meat dress and her House of Gucci character. "This is nothing new."

The longtime Live host went on to thank makeup artist Kristofer Buckle and hairstylists Vanessa Alcala for their work, and the "divine costumery" that allowed her to embrace "a greater level of theatrics" than she normally does.

Live's Halloween show is one of the long-running daytime hit's greatest traditions. Typically, the series is includes combination of pre-tapped parodies, live couple costume transformations, celebrity guests, games, music, dancing and a handful of special surprises.

It's those pre-tapped segments, like the Gaga and Mars one above, that Ripa enjoys the most.

"I’m not going to lie, I prefer this," she says. "I don’t know if it’s because this is the only outlet I have to ‘act,’ but there’s something very relaxed about the tapped pieces not being live. So if we screw something up, we just do it again. And if we screw something up, we just pretend it’s on purpose. It doesn’t really matter. Who cares! So what!"

This year's theme is "Only HALLOWEEN (Murders) in the Building," a callback to the Emmy-nominated Hulu series starring Steve Martin, Marin Short and Selena Gomez. Expect "intrigue, artful hilarity, elaborate costumes, emotional tricks, traitorous treats and FUN," according to a release.

Viewers can tune in this week for Halloween tips and tricks, including last-minute Halloween costume ideas, DIY Halloween party décor, no-carve pumpkins and more. Also returning will be Live's famous audience Halloween costume contest, where attendees in the studio will be able to compete for their share of over $5,000 in prizes.

Live airs weekdays on ABC (check local listings).