The former opposition presidential candidate in Venezuela was lauded for being a "key, unifying figure in a political opposition that was once deeply divided – an opposition that found common ground in the demand for free elections and representative government," said Jørgen Watne Frydnes, chair of the Norwegian Nobel committee.
"In the past year, Miss Machado has been forced to live in hiding. Despite serious threats against her life, she has remained in the country, a choice that has inspired millions. When authoritarians seize power, it is crucial to recognize courageous defenders of freedom who rise and resist."
There had been persistent speculation ahead of the announcement about the possibility of the prize going to US President Donald Trump, fueled in part by the president himself, amplified by this week’s approval of his plan for a ceasefire in the Gaza Strip.
Experts say the committee typically focuses on the durability of peace, the promotion of international fraternity and the quiet work of institutions that strengthen those goals.
Last year's award went to Nihon Hidankyo, a grassroots movement of Japanese atomic bombing survivors who have worked for decades to maintain a taboo around the use of nuclear weapons. The peace prize is the only one of the annual Nobel prizes to be awarded in Oslo, Norway.
This is a developing story.