In this work, we analyze and model the effect of a constant current stress on an ultraviolet light-emitting diode with a nominal wavelength of 285 nm. By carrying out electrical, optical, spectral, and steady-state photocapacitance (SSPC) analysis during stress, we demonstrate the presence of two different degradation mechanisms. The first one occurs in the first 1000 min of stress, is ascribed to the decrease in the injection efficiency, and is modeled by considering the defect generation dynamics related to the de-hydrogenation of gallium vacancies, according to a system of three differential equations; the second one occurs after 1000 min of stress and is correlated with the generation of mid-gap defects, for which we have found evidence in the SSPC measurements. Specifically, we detected the presence of deep-level states (at 1.6 eV) and mid-gap states (at 2.15 eV), indicating that stress induces the generation of non-radiative recombination centers.