Here's more about Pope Francis, the former Cardinal Bergoglio of Argentina: He is 76, and is considered a straight-shooter who calls things as he sees them, and a follower of the church's most conservative wing. He is a former archbishop of Buenos Aires.
He has clashed with the government of President Cristina Fernandez de Kirchner over his opposition to gay marriage and free distribution of contraceptives.
Besides being the first non-European pope in the modern era, the first South American pope and the third straight non-Italian pope, he also is the first Pope Francis.
[Updated at 3:30 p.m. ET]
Pope Francis has offered his blessing "to you and to the whole world." This is known as the "Urbi et Orbi" (to the city and the world) blessing.
[Updated at 3:29 p.m. ET]
Pope Francis says he will shortly offer his blessing, but now he's asking the crowd to have a moment of silence to pray for him.
[Updated at 3:27 p.m. ET]
Pope Francis says from the balcony (according to an English translation):
"As you know, the duty of the conclave was to appoint a bishop of Rome. It seems to me that my brother cardinals have chosen one who is from far away, but here I am.
"I would like to thank you for your embrace, also to ... the bishops, thank you very much.
"First and foremost, I would like to pray for our emeritus pope, Benedict XVI. Let us pray all of us together ... so that he's blessed by the lord and guarded."
Pope Francis then said the Lord's Prayer.
[Updated at 3:23 p.m. ET]
Bergoglio, the new pope, has chosen the name Francis, according to Vatican Radio. He's now appearing on the balcony.
[Updated at 3:20 p.m. ET]
Bergoglio is the first pope from outside of Europe in the modern era, the first South American pope, and the third straight non-Italian pope.
(Correction notice: This post initially said that Bergoglio is the first non-European pope. We've corrected that to say he's the first non-European pope in the modern era.)
[Updated at 3:15 p.m. ET]
And the new pope is: Argentina's Cardinal Jorge Mario Bergoglio.
[Updated at 3:12 p.m. ET]
The protodeacon is on the balcony, making the announcement.
[Updated at 3:08 p.m. ET]
It is taking longer for the new pope to appear after the white smoke this year than it did for Benedict XVI to appear after his election in 2005. But, an extra step has been added this time - the new pope has been allowed to pray alone in the Pauline Chapel before he appears on the balcony.
That could account for at least some of the difference.