Argentina’s Jorge Mario Bergoglio is the new Pope

Pope Francis 1

He will known as Pope Francis I.

French cardinal Jean-Louis Tauran made the announcement from the balcony of St Peter's Basilica.

Bergoglio, 76, was believed to be the runner-up to Benedict XVI at the last conclave in 2005. He has now been elected the 266th Pope, in Papal history.

The 76-year-old conservative emerged from the balcony of St Peter's Basilica to the cry of "Habemus Papam!" ("We Have a Pope!"), as tens of thousands of pilgrims clambered over barriers and broke down in tears, overcome with emotion after suspenseful prayer vigils worldwide.

White smoke earlier billowed from the Sistine Chapel and the bells of St Peter's Basilica rang out, signalling the election had taken place after five rounds of voting in the Vatican — one more than when Benedict XVI was elected in 2005.

Bergoglio is the first Jesuit to become pope and is believed to have been the runner-up in 2005.

The first wisps of smoke in the evening sky prompted cries of "Long live the pope!" from pilgrims clutching rosaries and waving flags in the square, where the image of the tiny copper chimney was projected onto four giant screens.

Bergoglio, who is the 266th pope in the Catholic Church's 2,000-year history, retired to a chamber known as the "Room of Tears" immediately after the nomination to don his papal vestments and then prayed in the Pauline Chapel.