Rishi Sunak and Liz Truss will be the final two contenders to be the next Conservative leader and Prime Minister.
The final round of MPs voting saw Penny Mordaunt eliminated, coming third behind the former chancellor and the foreign secretary.
Sunak topped the poll again, as he has in every round, with Truss overtaking Mordaunt who had been second throughout.
The 59 votes of the supporters of Kemi Badenoch, who was knocked out yesterday, swung the contest in favour of Truss, by only eight votes.
All three increased their votes but Truss gained the most, going up from 86 to 113.
Sunak and Truss will now go forward to the final round, where all Conservative Party members get to vote, with voting closing on September 2 and a result being announced on September 5.
Following the appointment, the leader will take over from Boris Johnson and will also become the Prime Minister.
In his final appearance at Prime Minister’s Questions today Johnson had some advice for his successor.
He said: "Focus on the road ahead, but always remember to check the rear-view mirror and remember above all it's not Twitter that counts, it's the people who sent us here."
The result of the final vote among Conservative MPs was:
Penny Mordaunt, 105 votes.
Rishi Sunak, 137 votes.
Liz Truss, 113 votes.
There were two spoiled ballots and one did not vote.