Conservative challenger Andrew Snowden is slightly ahead of Labour's incumbent Clive Grunshaw on first preference votes.
The remaining two candidates Liberal Democrat Neil Darby and the Reform UK Party's James Barker have now been eliminated.
Their second preference votes will now be distributed amongst the remaining to contenders to produce a final result to be announced later today.
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On the first preferences Mr Snowden received 166,202 votes - 44.8 per cent of those cast.
Mr Grunshaw secured 154,195 votes - 41.5 per cent.
Liberal Democrat candidate Neil Darby got 32,813 (8.8 percent) while the Reform UK Party's Mark Barker got 17,926 (4.8 per cent).
The turn out across Lancashire in the PCC election was 33.7 per cent.
The results are being collated at King George's Hall in Blackburn.