Voting began at 7:00 am (0130 GMT) in some 11,000 polling stations with 14 million people registered to vote. Polling is to end at 4:00 pm (1030 GMT).
Incumbent President Mahinda Rajapaksa, 64, representing the ruling United Peoples Freedom Alliance (UPFA) faces former Army commander, General Sarath Fonseka, 59, who has come forward as a common opposition candidate, backed by four leading political parties.
Twenty other candidates also are contesting, but are unlikely to make an impact with the race narrowing down to a close contest between Mr. Rajapaksa and Mr. Fonseka.
Both main candidates, Mr. Rajapaksa and Mr. Fonseka have claimed credit for winning the war against the rebels to end a 26-year conflict. The opposition has also vowed to end corruption and what they call Rajapaksa’s family rule.
Allegations of misuse of state power, including the use of government vehicles, the state media and officials for the campaign have been levelled against Mr. Rajapaksa.
In the early hours five loud explosions have been reported from the northern Jaffna peninsula, but there were no immediate details of casualties, residents in Jaffna, 396 kilometres north of the capital said.
Police there confirmed that they heard the sounds, but said they did not have any reports of any incidents.
The six week up run up to the elections has been marred with violence including four deaths.
Head of the Police election secretariat Deputy Inspector General of Police Gamini Nawaratne said more than 900 incidents of election complaints have been received during the campaign period.
Local and foreign election observers have warned of the possibility of violence interrupting the elections and have called voters for a violence-free election. Some 70,000 police personnel backed by the armed forces have been deployed for security for polling.
President Rajapaksa called for presidential polls two years ahead of his six-year term ending in what is widely believed to be a move to capitalize on the military victory over the rebels.
The counting of ballots is due to commence on Tuesday evening.
Results will be released after midnight and the final results are expected by Wednesday morning.
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