The advent of deepfake technology, which uses artificial intelligence to create hyper-realistic and fabricated video and audio, has introduced significant challenges for social media platforms and their users. This paper explores the harms of deepfakes, including the erosion of trust in digital media, the potential for political manipulation, the facilitation of cyberbullying, and the threat to personal privacy. This study further examines possible solutions that include limiting access to artificial intelligence, furthermore, the urgency for effective countermeasures. To mitigate these threats, the paper discusses a comprehensive approach involving technological solutions, policy interventions, law enforcement, and public education. Specifically, the advancement in detection algorithms, robust regulatory frameworks, and increased digital literacy among users are put forward as essential strategies to combat the proliferation of deepfakes on social media.