President Guillermo Lasso confirmed the killing and announced that a meeting of the country’s security cabinet would be held within minutes.
“I am outraged and shocked by the assassination of presidential candidate Fernando Villavicencio. In his memory and the name of his struggle, I assure you that this crime will not go unpunished,” stated Mr Lasso.
He added, “The Security Cabinet will meet in a few minutes in the presidential palace.”
El Universo newspaper reported earlier that Villavicencio had been killed by three shots to his head during a rally in the country’s capital, Quito.
Eight more people were injured during the rally, and seven of them have been taken to a hospital, according to the report.
According to the latest polls, Mr Villavicencio did not garner enough electoral votes to win the presidential election in Ecuador scheduled for August 20.
Few weeks ago, an Ecuadorian legislative candidate was assassinated ahead of the August 20 general elections.
Rider Sanchez, who was running for a seat in the national assembly, was killed in Quininde, in the northern coastal province of Esmeraldas.
According to local media, he was shot several times and died shortly after in a hospital.
Mr Sanchez was a candidate of the Actuemos alliance, comprising the Avanza and SUMA parties, which is backing Otto Sonnenholzner for president.
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