Pence will end up being Trump's pick, NBC News has learned. The announcement was originally scheduled for Friday, but has been postponed after a truck plowed into a crowd celebrating Bastille Day in Nice, France.
While Pence is relatively soft-spoken compared with the other contenders for the number two spot, he would bring valuable political experience to balance out the ticket, and conservative bona fides that reportedly make him the favored pick of senior GOP officials. He also frequently speaks of his Christian faith, and could prove helpful as Trump seeks to court evangelical Christian voters.
He would also run on a strong executive record, having overseen an economic recovery during his time as governor of Indiana, cutting taxes and expanding early education funding.
Pence served six terms in Congress beginning in 2001, eventually rising to chair the conservative House Republican Study Committee and serve in leadership as the chairman of the House Republican Conference.
While in Congress, Pence also served on the House Foreign Affairs Committee, giving him foreign policy and national security experience. Prior to his time in Congress, Pence hosted a conservative talk-radio show, where he called himself "Rush Limbaugh on decaf" for his lower-volume conservative views.
In recent days, Pence has been a strong supporter of Trump and even introduced him at a rally in Indiana this Tuesday. However, Pence previously said he was voting for Trump's challenger Sen. Ted Cruz in Indiana's Republican primary earlier this year. He has also distanced himself from some of Trump's policies, and on at least two occasions, Pence sent tweets in disagreement with Trump's policies that were already recirculating on Twitter as Pence's selection appeared all but certain Thursday afternoon.
After more than a decade in Congress, Pence was elected as Indiana's chief executive in 2012, where he oversaw tax cuts and signed into law the first state funding for pre-K education.
He has presided over an economic recovery in the state during his time as governor that would give him a strong record to tout on the campaign trail.
While Indiana's economy falls roughly in the middle of the country, it has had to travel a longer road back from the Great Recession than many other parts of the country. Since 2009, the statewide jobless rate has fallen to 5 percent as of May, the latest data available.
And while governors are limited in how much their policies affect the local economy, Pence can take some credit for the state's economy and budget given his more than three years in the governor's mansion.
In terms of the budget, while other states across the country face huge unfunded liabilities, Indiana by contrast ranks among the lowest in the nation in overall debt and unfunded liabilities on a per-person basis.
Hoosier state residents also have a relatively low state and local tax burden. The average household in the state paid $3,585 in state and local taxes in 2012, the latest data available, compared with a U.S. average of $4,420, according to the Tax Foundation.
— CNBC's John W. Schoen contributed to this report.