The country's interim President Jeanine Añez has said the results so far suggests Arce has won.
"We still don't have the official counting, but from the data we have, Mr. Arce and [vice-presidential candidate] Mr. [David] Choquehuanca have won the election. I congratulate the winners," Añez said on Twitter.
Arce, the frontrunner in the race, represents the Movement to Socialism, the party led by former President Evo Morales who is currently exiled in Argentina. Arce, whom Morales handpicked as his successor, has previously served as the country's finance minister.
His closest competitor was the centrist Carlos Mesa who leads Bolivia's Citizen Community party.
According to Bolivia's electoral rules, a candidate needs at least 40% of the votes to win, and a lead of 10% ahead of his opponent to win during the first round.
Bolivia has been badly hit by coronavirus. Añez herself contracted the virus, along with roughly a dozen members of her senior cabinet.
The economy is also struggling. Unemployment has spiked since the pandemic began, the International Monetary Fund is predicting a nearly 8% drop in GDP this year, and last month, US credit ratings agency Moody's downgraded Bolivia's standing.
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October 19, 2020 at 08:31PM
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Bolivia awaits official election results, but the Socialist candidate is being congratulated - CNN
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