( CNN ) -- Costa Rica 's first female candidate held a two-to-one lead in the country 's presidential election , as the second-place candidate , Otton Solis of the Citizen 's Action Party , conceded defeat . If the PLN -- the Spanish acronym for the ruling National Liberation Party party -- wins , Laura Chinchilla would become the nation 's first female president . Polls showed Chinchilla garnering 47.3 percent of the vote , with 24.9 percent of election sites reporting . Solis had 23.3 percent , while Otto Guevara of the Libertarian Movement had 21.9 percent . Before noon Sunday , all three leading candidates had cast their votes in events broadcast live by local media . If none of the candidates gain 40 percent of the vote , a runoff election will be used to select the next president . In addition to president , Costa Ricans also cast ballots Sunday for two vice presidents , 53 congressmen and 495 councilmen . Video footage showed flag-waving supporters of the main presidential candidates dressed in their respective campaign colors throughout the country . International observers interviewed on CNN affiliate Teletica compared the election scene to a festival . The festivities included election sites where children could vote in a mock presidential vote . The educational outreach let the children pick their candidate on a digital ballot not unlike the ones the rest of the electorate cast their votes with . Some 2.8 million Costa Ricans are eligible to vote . The legacy of outgoing President Oscar Arias -- a Nobel laureate who leaves office a popular , if polarizing leader -- has in many ways shaped the presidential race . Although he has given Costa Rica a larger role in foreign affairs through his involvement in seeking resolution to the political crisis in Honduras , but his style has rubbed some the wrong way . After casting his vote Sunday , Arias called the electoral process transparent and trustworthy . `` I would like to thank the Costa Rican people for filling the streets with color , '' he said . CNN 's Roberto Pazos contributed to this report .
NEW : Arias bows out with 47.3 percent of the vote so far . NEW : Polls show Chinchilla with 23.3 percent of vote , with 495 of sites reporting . Chinchilla represents ruling Solis . If no one takes 40 percent of the vote , a runoff election will be necessary .