Luiz Inácio Lula da Silva has pipped far-right incumbent Jair Bolsonaro in the Brazilian Presidential election ©Getty Images

Luiz Inácio Lula da Silva, who led Rio de Janeiro's historic bid to host the 2016 Olympic and Paralympic Games, has pipped far-right incumbent Jair Bolsonaro in the Brazilian Presidential election in a stunning comeback.

Lula won 50.9 per cent of the vote, which was enough to beat Bolsonaro.

He was not allowed to run in the last election in 2018 after being jailed for receiving a bribe from a Brazilian construction firm in return for contracts with Brazil's state oil company Petrobras.

Lula had to spend 580 days in jail before the conviction was finally annulled.

Lula was also the President of Brazil when the country was awarded the 2014 FIFA World Cup.

Lula played a central role in Rio's successful bid with his message, "the opportunity now is to expand the Games to new continents," resonating strongly with the International Olympic Committee (IOC).

Rio conclusively defeated Madrid in the final runoff at the IOC Session in Copenhagen in 2009 by 66 votes to 32 after another rival, Chicago, was eliminated in the first round, despite then-United States President Barack Obama personally addressing delegates in the Danish capital. 

It later transpired, however, that the Brazilian city's bid for the Olympics was one of the most corrupt in the history of the Games.

Last year, former Rio 2016 and Brazilian Olympic Committee President Carlos Nuzman was sentenced to 30 years and 11 months in jail for buying votes for the city's successful bid.

Nuzman was found guilty of corruption, criminal organisation, money laundering and tax evasion.

Luiz Inácio Lula da Silva celebrates Rio de Janeiro being awarded the 2016 Olympic and Paralympic Games but the bid's President Carlos Nuzman, centre, was later convicted of bribery ©Getty Images
Luiz Inácio Lula da Silva celebrates Rio de Janeiro being awarded the 2016 Olympic and Paralympic Games but the bid's President Carlos Nuzman, centre, was later convicted of bribery ©Getty Images

Lula has denied any involvement in the bribery scandal.

Lula has served two terms in office between January 2003 and December 2010

"Today the only winner is the Brazilian people," Lula said after the victory.

"This isn't a victory of mine or the Workers' Party, nor the parties that supported me in campaign.

"It's the victory of a democratic movement that formed above political parties, personal interests and ideologies so that democracy came out victorious.

"I will govern for 215 million Brazilians, and not just for those who voted for me.

"There are not two Brazils.

"We are one country, one people, one great nation."

Bolsonaro has yet to concede the result.

Traditionally, the losing candidate speaks first in Brazil after the results are out but Bolsonaro has not made a statement yet.

Bolsonaro has consistently questioned the legitimacy of Brazil's electoral system without hard evidence.

This is the first time in Brazilian history that the sitting President failed to win re-election.

The vote in Brazil had international attention, especially from environmentalists who were worried that another four years of Bolsonaro Government would have led to further deforestation of the Amazon rainforest.

Lula stressed on these matters during his victory speech, saying that he was "open to international cooperation to protect the Amazon" and also vowed to fight against hunger and racism.