Trump announced his decision on Twitter, capping a frenzied 24 hours of speculation about his choice.
A news conference was set for tomorrow for the two men who will take on Hillary Clinton and her Democratic running mate in November.
I am pleased to announce that I have chosen Governor Mike Pence as my Vice Presidential running mate. News conference tomorrow at 11:00 A.M.— Donald J. Trump (@realDonaldTrump) July 15, 2016
Trump offered the vice presidential spot to Gov. Pence pn Thursday, and the governor boarded a plane for New York in anticipation of a Friday announcement, according to a Republican with knowledge of the process.
The staunchly conservative Gov. Pence, who is 57, served six terms in Congress before being elected governor and could help Trump navigate Capitol Hill. He's well-regarded by evangelical Christians, particularly after signing a law that critics said would allow businesses to deny service to gay people for religious reasons.
Trump's announcement came about an hour before a deadline for Gov. Pence to withdraw from his re-election race in Indiana. State law prohibits candidates from being on the ballot in two races.
Trump's hectic decision-making process was made more complicated by the fact that the businessman was in California on Thursday for a series of fundraisers, isolated from nearly all of his closest advisers, including his three adult children and his campaign chairman, Paul Manafort.
Frustration among Trump and his advisers mounted because of news reports that Gov. Pence was the pick, sending top aides scrambling to insist no final decision had been made.
The billionaire said in a series of television interviews on Thursday night that he'd not yet settled on a "final, final" choice, leaving open the possibility the unpredictable presumptive nominee could change his mind.
But Mr Manafort dismissed suggestions in an interview on Fox News Channel that Trump was having second thoughts about his choice. He said Trump was planning on making an announcement this weekend. A second Republican said he spoke to Trump on Thursday morning, and the New York real estate mogul said he had chosen Gov. Pence and would be calling the governor to make the offer and ask him to fly to New York.
That Republican also spoke on condition of anonymity, because the person was not authorised to publicly discuss the conversation. Trump's choice of Gov. Pence as his running mate adds political experience - and a dose of unflappability - to the Republican presidential ticket.
Gov. Pence would be a reliably conservative No. 2 with a calm demeanour and deep ties to Washington. His apparent selection signals Trump is serious about addressing Republican concerns about his own conservative credentials and lack of Washington experience. Trump also seriously considered offering the running mate post to former House Speaker Newt Gingrich and New Jersey Gov. Chris Christie, according to people familiar with the process.
In a brief interview with The Associated Press, Mr Gingrich said he had still not been told by Trump that he would not be the choice.
Trump was up against a clock in unveiling his pick. In addition to Gov. Pence's deadline in Indiana, the Republican convention kicks off in Cleveland on Monday.
Top party officials are already in Cleveland, where a committee voted late on Thursday to rebuff a push to let delegates vote for any presidential candidate they'd like. It was a major blow to Republican foes of Trump who have been working to try to thwart his nomination.
Gov. Pence would have the backing of Republican leaders and ease some of their concerns about Trump's political inexperience and volatile temperament.
Gov. Pence also has influential allies in Trump's inner circle. But some of Trump's children, who have been closely advising their father, were said to favour different candidates.
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