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Incumbent President Chavez is challenged by Henrique Capriles, who represents a coalition of opposition parties.
Voters in Venezuela are going to the polls in what is predicted to be the country's most tightly contested presidential election in a decade.
Left-wing incumbent Hugo Chavez, first elected in 1998, is being challenged by opposition leader Henrique Capriles.
Mr Chavez wants to continue what he calls his socialist revolution while Mr Capriles has promised to restore economic growth.
Almost 19 million Venezuelans are eligible to vote in the election.
Mr Chavez - who is seeking a fourth term in office - was diagnosed with cancer last year but says he has now fully recovered.
A colourful and often controversial figure on the international stage, President Chavez, 58, has nationalised key sectors of the economy.
Venezuela is a major oil producer and high oil prices over the past decade have allowed his government to fund health-care, education programmes and social housing.
He says he needs another term to complete his "Bolivarian Revolution" towards socialism.
However, Mr Capriles, 40, and the opposition say the president's policies have led to bureaucracy, inefficiency and shortages.
They also accuse Mr Chavez of authoritarianism, and of suppressing the judiciary and silencing critics in the media.
Mr Capriles says a lack of investment in Venezuela's crucial oil industry has led to a decline in production.
- Polls open 06:00 (10:30 GMT)
- Polls close 18:00 (22:30 GMT)
- Automated touch-screen voting system
- Nearly 19 million registered voters; 100,000 overseas
- First result expected around 01:00 (05:30 GMT) on 8 October
- President elected for six-year term
National Electoral Council (CNE)
Both candidates held huge final rallies on Thursday - the last day of campaigning.
The two candidates have also used social media to encourage voters to cast their ballots.
"Good morning to all, one day left to open the door to the future!" Mr Capriles wrote on his Twitter account on Saturday.
"Comrades across the world: Be assured that Bolivar's people will continue to work to make another world possible, that is, a socialist one!" President Chavez tweeted.
Almost 140,000 soldiers will be deployed to guard more than 10,000 voting centres.
A week before the election, three opposition activists were killed during a campaign rally, and four people were injured in a shooting during a voting rehearsal in September.
From Saturday evening to Monday evening, the sale of alcohol is banned and only the security forces will be allowed to carry arms.
National Electoral Council official Socorro Hernandez said that everything would be "100% ready for polling day".
She called on all parties and non-governmental groups to contribute to a peaceful election "and avoid any distortions".
While polls are scheduled to close at 18:00 local time (22:30 GMT), National Electoral Council President Tibisay Lucena said that the hours could be extended if voters were still queuing to cast their ballots.
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