An exit poll by three main television stations gives Park Geun-hye of the ruling Saenuri Party a very slim lead in South Korea's tight presidential race.
Combined figures from the networks released after polls closed gave her 50.1% of the vote over left-leaning rival Moon Jae-in's 48.9%.
But another poll by another television station put Mr Moon in the lead.
Turn-out was high in a poll dominated by economic and social welfare issues.
Formal results are expected late on Wednesday or in the early hours of Thursday, local time.
The new president will replace Lee Myung-bak, who is stepping down, as the law requires, after his five-year term.
Female leader?From the moment polls opened at 06:00 on Wednesday (21:00 GMT on Tuesday), millions of South Koreans queued to cast their ballots despite freezing temperatures.
- Park Geun-hye, daughter of a former military strongman and leader of the ruling Saenuri Party
- Moon Jae-in, a close associate of late President Roh Moo-hyun and now leader of the opposition Democratic United Party
The exit poll conducted by the three broadcasters, KBS, MBC and SBS, had a 0.8% margin of error either way - meaning official results could be different.
Broadcaster JTBC also predicted the slimmest of wins for Ms Park, giving her 49.6% to Mr Moon's 49.4%.
But a poll conducted by YTN television network put Mr Moon ahead, giving him between 49.7-53.3% of the vote to Ms Park's 46.1- 49.9%.
Ms Park's supporters cheered as poll figures emerged, but neither camp has claimed victory or conceded defeat.
Analysts expected that a strong turn-out would favour Mr Moon, and by 1600 local time, with two hours of polling to go, turn-out had already passed the 2007 election final figure of 63%.
Ms Park, the daughter of former military leader Park Chung-hee, is looking to make history as South Korea's first female president.
Both bolstered and dogged by the legacy of her father, who built South Korea's economy while crushing dissent, she apologised in September for human rights abuses under his administration.
Moon Jae-in of the Democratic United Party, meanwhile, is a former human rights lawyer who served under former President Roh Moo-hyun. He was briefly jailed by Ms Park's father in the 1970s.
Both candidates have put forward broadly similar policies, promising to boost social welfare spending, close the gap between the rich and poor and rein in the family-run giant conglomerates, known as chaebol.
On the issue of North Korea, which did not feature heavily in the campaign despite its recent rocket launch, both candidates have promised more engagement with Pyongyang - though, in Ms Park's case, more cautiously than her rival.
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