Vedavati was a really beautiful daughter of sage Kushadhwaja in Kritayuga. Her father wanted Lord Vishnu to accept his daughter as his wife. When he rejected all her suitors, a demon named Shambhu killed her father. Her mother also lost her life in grief. Now unprotected, she decided to do severe penance to get Vishnu as her husband. She went into the forest wearing matted locks and black antelope skin and started doing penances. Once Ravana who was on a tour saw her and proposed to her and rebuked her penance and called it unworthy for her as she was young and beautiful and not old , fat and ugly for whom penance is the only option as no one wants them.
She introduced herself and rejected his offer, she called herself Vedas personified. Ravana then grabbed her hair and she through power of her penance cut her hair through her hand and cursed Ravana. Humiliated by him she entered fire vowing to return back and avenge her insult.
Later, Vedvati was reborn on a lotus with fragrance of lotus. He brought her to his palace but his ministers seeing her body told him she would be his destruction. Angry Ravana threw her in the sea and she was taken by the sea to Mithila where Janaka found the baby in ploughed line and adopted her and called her Sita.
Sita was Vedvati reborn and later retellings due to this story spread the myth that Ravana was father of Mata Sita but that's not true. He lusted Vedavati and he brought her reborn form because he found the baby fascinating. If ministers had not warned him and he didn't throw baby Sita (Vedvati reborn) in the sea, baby Sita would be brought up in Lanka. What an irony. Ravana lost the opportunity to be father of Mahalakshmi and save his life.
Source- Uttar Kand, Valmiki Ramayana