With more than 98.7 percent of ballots counted, Pedro Pablo Kuczynski has gained over 50 percent of the votes while his opponent Keiko Fujimori has 49.83 percent.
Pedro Pablo Kuczynski is leading Peru's presidential elections.
The ex-Wall Street Banker is ahead of his biggest rival Keiko Fujimori.
With more than 98.7 percent of ballots counted, the Oxford-trained economist gained 50.17 percent of the votes while Fujimori has 49.83 percent.
Votes from Peruvians living outside the country are yet to arrive, but it is thought that Kuczynski will most likely have the upper hand.
Peru has one of the best performing economies in Latin America.
But economic growth slowed down under leftist President Ollanta Humala's administration.
It decreased from 6.5 percent when Humala took power in 2011 to 3.3 percent last year.
Kuczynski, a 77-year-old former prime minister, investor and World Bank economist, portrays himself as an honest and experienced leader.
He appeared on his campaign trail by dancing and playing folk music on his flute.
Being a former economy minister, he has had a long career in business and finance.
He says he will end corruption, and revive economic growth from Peru's mineral exports.
Another promise is to provide piped water to every Peruvian town.
Fujimori comes from a Japanese immigrant family.
Her father is former Peruvian President Alberto Fujimori who was imprisoned for corruption and human rights abuses.
Fujimori had run a successful campaign but began losing her popularity because of fresh scandals involving her close advisers, and her father's legacy.