Bolivians voted against a constitutional amendment which would permit President Evo Morales to run for a fourth office term in 2019.
The election authority said 51.52 percent of people voted against the amendment while 48.48 percent voted in favor with 98.43 percent of the ballots counted, according to Elcomercio.
Bolivia's Constitution allows the president to hold office for three terms of five years, including two consecutive terms and third term after a gap of one term.
The 56-year-old Morales has been in office since 2006. He was re-elected in 2009 and 2014, as HNGN previously reported. A constitutional court allowed Morales to run for third consecutive term in 2014 despite a two-term limit. His present term expires in 2020.
Morales, who is country's' first indigenous president, has vowed to respect the results of the referendum.
"We are going to respect the results, whether it be a 'No' or a 'Yes.' We always have respected them. That is democracy," he said on Monday, according to Russia Today.
Vice President Alvaro Garcia Linera accused the right wing opposition parties of electoral fraud in rural areas.
"It's election bullying and right-win opposition forces are attempting electoral fraud...against the campesino [farmer] vote and indigenous vote, which is the vote that still needs to be considered," he said at a press conference on Tuesday, according to Telesur TV.
