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Banana tycoon Alvaro Noboa won slightly more of the vote than Rafael Correa, a left-wing ally of Venezuelan President Hugo Chavez.
The outgoing President, Alfredo Palacio, described the election as a festival of democracy.
Ecuador is electing its eighth leader in a decade of political turbulence.
The partial results show Mr Noboa with a lead of one to two points over Mr Correa, with neither managing to score more than 28% in the 13-candidate race.
The second round will be held on 26 November.
Close race
It looks like being the result most analysts in Ecuador had predicted, the BBC's Daniel Schweimler reports from Quito, but Mr Correa, a 43-year-old economist, was quick to claim fraud and that he had won an outright victory...
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