Nigel Farage has announced he will stand as a candidate in Clacton, Essex, for Reform UK in the general election on 4 July.
Last week, he ruled out putting himself forward, instead promising to help what was Richard Tice's party as it campaigned across the country.
But speaking at a news conference on Monday, Mr Farage announced the U-turn, and also confirmed he would take over from Mr Tice as leader of Reform for at least the next five years.
Politics live: Farage to stand and take over as Reform leader
Mr Farage claimed he had a "terrible sense of guilt" for not putting himself forward when the election was called, saying he felt he was "letting [his supporters] down".
He then described how he had a "normal day" on Sunday to "reflect" on his decision, where he "walked the dog, did some fishing, popped in the pub", and then made his choice.
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Read more: All you need to know about Nigel Farage
"I've changed my mind," the leader said. "It's allowed you know, it's not always a sign of weakness. It could potentially be a sign of strength.
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"So I am going to stand in this election. I'll be launching my candidacy at midday [on Tuesday] in the Essex seaside town of Clacton."
Mr Farage added: "I can't turn my back on the people's army. I can't turn my back on those millions of people who followed me, believed in me despite the horrendous things that were being said about me."
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There had been questions hanging over what role Mr Farage would play in the election, whether that be as a candidate to stand against the Tories or whether he could broker an election pact with Rishi Sunak.
But his decision is sure to worry those on the right of the Conservative Party, who fear they could lose some traditional voters to Reform UK - especially with Mr Farage at the helm.
It may also allow him to take part in some of the wider television debates, seen as key for smaller parties to get their messages across to the electorate.
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Earlier, Mr Sunak downplayed the impact Mr Farage could have if he chose to stand as an election candidate, telling reporters: "One of two people will be prime minister - either Keir Starmer or me.
"A vote for anyone who's not a Conservative candidate is just a vote to put Keir Starmer in Number 10."
But the deputy leader of the Liberal Democrats, Daisy Cooper, accused the Tories of "already becoming the mirror image of Nigel Farage's Reform", and said Mr Sunak's "constant pandering" to the party had "horrified former lifelong Conservative voters in the centre ground".
She added: "Sunak must show some backbone and rule out Farage ever joining the Conservative Party in future, including if he gets elected to be an MP."
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Going on the attack in his speech, Mr Farage said the current election contest was the "dullest, most boring campaign we have ever seen in our lives", accusing Mr Sunak and Sir Keir Starmer of "sounding the same".
Mr Farage said: "There is a rejection of the political class going on in this country in a way that has not been seen in modern times.
"So the really big message here is what I'm really calling for, and what I intend to lead is a political revolt... a turning of our backs on the political status quo. It doesn't work.
"Nothing in this country works anymore. The health service doesn't work, the roads don't work, none of public services are up to scratch. We are in decline and this would only be turned around with boldness."
He added: "Make no mistake, we are unashamedly patriotic. We believe that it's right to put the interests of British people first.
"We believe Brexit needs to be implemented properly and we are going to be the voice of opposition. And I tell you what, I've done it before. I'll do it again. I'll surprise everybody."
Farage message to voters will send shivers down spines in Tory HQ
Gurpreet Narwan
Political correspondent
We've just witnessed what is probably the most dramatic moment of the general election campaign so far - Nigel Farage, a figure of fear for the Tories, is entering the fray.
All eyes will now turn to the polls, where Reform UK is performing at around 12%.
It hasn't made any major breakthroughs so far and this vote share will not translate into a seat.
However, speaking to Sky News after the announcement, Mr Farage was adamant the party would now ascend and win more than the 3.9 million votes UKIP took in 2015.
It was at that election that Douglas Carswell - after defecting from the Tories - won a seat for UKIP. It is in this seat that Farage is now bidding to be an MP after seven failed attempts to enter the Commons.
Clacton will be viewed as a soft target for Reform. This was a strong Leave voting area and the Conservative candidate, Giles Watling, is a Remainer.
Reform UK is polling above the national average in this seaside town - YouGov and Sky News' MRP poll puts its share here at 19.5%. But the "Farage factor" cannot be underestimated. He could really win here.
All of this will send shivers down the spines of those in Tory HQ, but Sir Keir Starmer may be rubbing his hands with glee.
Polling already suggests that Reform could cost the Tories 100 seats by splitting the right wing vote across the Red Wall and Essex. It explains why the Tories were pushing the message hard that "a vote for Reform is a vote for Labour".
Farage has turned that on its head. The election is a foregone conclusion and the Tories are too divided to be serious in opposition, he says.
Instead, given the Tories have already lost, Farage argues that a vote for the Tories is the real wasted vote.
That's his pitch to voters who he is now inviting to join his "political takeover".
The Conservatives held the seat of Clacton at the last election with a majority of almost 25,000 - when Mr Farage and the Brexit Party stood down their candidates in a number of seats to help Boris Johnson with his "get Brexit done" campaign.
But the seaside town was previously held by UKIP when then Tory MP Douglas Carswell defected to the party and held a by-election.
He then kept hold of the seat in the 2015 vote, before the Tories won it back in the snap election of 2017.
The other candidates standing in Clacton are:
β’ Matthew Bensilum, Liberal Democrats
β’ Natasha Osben, Green Party
β’ Jovan Owusu-Nepaul, Labour Party
β’ Giles Watling, Conservatives
