Breaking: Jorge Mario Bergoglio of Buenos Aires, Argentina elected Pope Francis I

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UPDATE #2:

Cardinal Jorge Mario Bergoglio of Buenos Aires, Argentina has been announced as the new pope and will be called Francis I. Click here for full rundown from Catholic News Service of the papal election and some background on Pope Francis. Blogger Bryan Cones also shares some thoughts on the collection of firsts that the new pope brings: He is the first from Latin America, the first Jesuit, and the first to take the name Francis.

I'm sure we'll have plenty more in the coming days as news unfolds and the papacy of Francis I begins to take shape.

UPDATE:
Catholic News Service reports:

To the delighted surprise of many, clouds of white smoke poured from the chimney on the roof of the Sistine Chapel March 13, indicating a pope had been elected on the conclave's fifth ballot. The smoke signal went off at 7:05 p.m. The 115 cardinals gathered to elect the 266th successor of Peter had taken one vote late March 12 and two votes the next morning, resulting in clouds of black smoke.

The Vatican estimated it would be about an hour before Cardinal Jean-Louis Tauran, the top-ranking cardinal deacon, would come out onto the balcony of St. Peter's Basilica and confirm the election with the phrase "Habemus papam" (We have a pope).

Original:

Various news outlets are reporting that the much-anticipated white smoke was seen this afternoon coming from the Sistine Chapel, which means that the cardinal electors in the conclave have chosen a new pope.

After more black smoke this morning indicated that a second vote failed to give anyone the necessary two-thirds majority to be elected, the last round of voting for Day 2 of the conclave apparently yielded a successful outcome. We will keep a watch on this story and report back here with more news as it develops.