Fighting between Israel and Hezbollah will end at 4am local time (2am GMT) on Wednesday, Mr Biden said.
It will bring an end to nearly 14 months of fighting which has seen more than 3,500 Lebanese killed and more than 15,000 injured.
Israeli strikes into Lebanon have forced 1.2 million people to leave their homes, while Hezbollah attacks have driven some 50,000 Israelis to evacuate the country’s north.
Hezbollah rockets fired into Israel have killed at least 75 people, more than half of them civilians, and more than 50 Israeli soldiers have died in the ground offensive in Lebanon.
The Iran-backed group began firing into northern Israel a day after Hamas militants rampaged across the border from Gaza into Israel in October last year, sparking the war in Gaza.
Image: Israeli jets have been striking targets across Lebanon. Pic: Reuters
What does the deal involve?
The agreement reportedly calls for an initial 60-day halt in fighting between Israel and Hezbollah.
Hezbollah forces would leave their positions in southern Lebanon and retreat north of the Litani River, which runs around 30km (20 miles) north of the border with Israel.
Israel will withdraw its forces from Lebanon over a period of 60 days, Mr Biden said, as the Lebanese army takes control of its territory near the border to ensure Hezbollah does not rebuild its infrastructure there.
The move would allow civilians on both sides to “safely return to their communities,” he added.
Lebanon’s foreign minister Abdallah Bou Habib said the Lebanese army was prepared to deploy at least 5,000 troops in southern Lebanon as Israeli soldiers withdraw.
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5:57
Biden says ceasefire reached
What if the agreement is broken?
Israeli Prime Minister Benjamin Netanyahu said his country would respond forcefully to any ceasefire violation by Hezbollah, saying Israel would retain “complete military freedom of action”.
“If Hezbollah breaks the agreement and tries to rearm, we will attack,” he said. “For every violation, we will attack with might.”
Mr Biden also said Israel reserved the right to retaliate if Hezbollah breaks the terms of the ceasefire, adding: “What is left of Hezbollah and other terrorist organisations will not be allowed to threaten security again.”
Image: Smoke rises from Beirut’s southern suburbs after an Israeli airstrike. Pic: Reuters
Image: Rescuers search for victims at the site of an Israeli strike in Beirut. Pic: AP
Who will monitor the ceasefire?
The ceasefire agreement will be monitored by an international panel led by the US, along with thousands of Lebanese troops and UN peacekeepers deployed around Lebanon’s border with Israel.
Israel’s defence minister Israel Katz has insisted Israel’s military would strike Hezbollah if the UN peacekeeping force UNIFIL did not provide “effective enforcement” of the deal.
Image: A Lebanese army soldier stands near UN peacekeepers (UNIFIL) vehicles in Marjayoun, near the border with Israel. Pic: Reuters
The US will work with the Lebanese army to deter potential violations, but no US combat troops will be stationed in the area, a senior US official said.
In a joint statement, Mr Biden and French President Emmanuel Macron said France and the US would work together to ensure the terms of the deal were followed.
What happens next?
Although the ceasefire deal brings to an end over a year of hostilities between Israel and Hezbollah triggered by the Hamas attack on Israel on 7 October last year, the devastating war in Gaza rages on.
Mr Biden said the US will make another push to achieve a ceasefire and hostage release deal between Israel and Hamas in Gaza.
An aid worker in the central Gaza Strip has told Sky News the food situation in the enclave is “absolutely desperate” and “the worst it’s ever been”.
Her comments to Sky’s chief presenter Mark Austincome amid fresh international outcry over Israel’s restrictions on aid, as the UK has joined together with 24 other countries to say: “The war in Gaza must end now.”
Rachael Cummings, humanitarian director for Save The Children, is in Deir al Balah, a city in central Gaza where tens of thousands of people have sought refuge during repeated waves of mass displacement.
Image: Smoke rises during strikes amid the Israeli operation in Deir al Balah. Pic: Reuters
Ms Cummings’s comments came as the UK and 24 other nations issued a joint statement calling for a ceasefire.
The statement criticised aid distribution in Gaza, which is being managed by a US and Israel-backed organisation, Gaza Health Foundation.
“The Israeli government’s aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity,” it said.
The 25 countries also called for the “immediate and unconditional release” of hostages captured by Hamas during the 7 October 2023 attacks.
Lammy promises £40m for Gaza aid
Foreign Secretary David Lammy later promised £40m for humanitarian assistance in Gaza.
He told MPs: “We are leading diplomatic efforts to show that there must be a viable pathway to a Palestinian state involving the Palestinian Authority, not Hamas, in the security and governance of the area.
“Hamas can have no role in the governance of Gaza, nor use it as a launchpad for terrorism.”
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2:53
Lammy: ‘There must be a viable pathway to a Palestinian state’
Addressing the foreign secretaries’ joint written statement, charity worker Liz Allcock – who works for Medical Aid for Palestinians (MAP) in Gaza – told Sky News: “While we welcome this, there have been statements in the past 21 months and nothing has changed.
“In fact, things have only got worse. And every time we think it can’t get worse, it does.”
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“Without a reversal of the siege, the lack of supplies, the constant bombardment, the forced displacement, the killing, the militarisation of aid, we are going to collapse as a humanitarian response,” she said.
“And this would do a grave injustice to the 2.2 million people we’re trying to serve.
“An immediate and permanent ceasefire, and avenues for accountability in line with international law, is the minimum people here deserve.”
The war in Gaza started in response to Hamas’s attack on Israel on 7 October 2023, which killed 1,200 people and saw about 250 taken hostage.
More than 59,000 Palestinians have since been killed, with more than half being women and children, according to Gaza’s health ministry, which does not distinguish between civilians and combatants in its count.
At least 19 people have died after a Bangladesh air force plane crashed into a college campus, the military said.
The aircraft crashed into the campus of Milestone School and College in Uttara, in the northern area of the capital Dhaka, where students were taking tests or attending regular classes.
The pilot was one of the people killed, and, according to the military, 164 were injured in the incident.
The Bangladeshmilitary’s public relations department added that the aircraft was an F-7 BGI, and had taken off at 1.06pm local time before crashing shortly after.
Video shows fire and smoke rising from the crash site, with hundreds looking on.
Image: Pics: Reuters
The cause of the crash was not immediately clear.
Bengali-language daily newspaper Prothom Alo said that most of the injured were students with burn injuries.
Image: Pics: Reuters
Citing the duty officer at the fire service control room, Prothom Alo also reported that the plane had crashed on the roof of the college canteen.
Rafiqa Taha, a 16-year-old student at the school who was not present at the time of the crash, told the Associated Press that the school has around 2,000 students.
“I was terrified watching videos on TV,” she added. “My God! It’s my school.”
The main road entering the besieged Syrian city of Sweida from the west has changed dramatically over 12 hours.
A bulldozer, parked on the side of the road, has been used to create several berms to form a sand barrier around 25km (16 miles) from the city centre.
Dozens of Syrian security forces were standing in lines in front of the barricades when we arrived, and there were forces further up the road stopping vehicles from going any further.
Image: Syrian security forces at a checkpoint outside the besieged city
The Arab tribal fighters we’d seen fighting furiously inside the city the day before were now all camped alongside the road. Some were sleeping on the back of their pick-ups.
“We’re not giving up,” one shouted to us as we walked towards the checkpoint.
The ceasefire agreement between Druze leaders who are bunkered down inside the city and the Bedouins – and the tribal fighters who have flocked to join them – has frustrated some.
Some of them, waiting with guns slung over their backs, are itching to return to battle. But for now, tribal leaders have instructed them to hold fire.
Image: Arab tribal fighters have been blocked from entering Sweida by security forces
How long that will last is probably key to Syria’s future and whether it can be a peaceful one.
Khalaf al Modhi, the head of a group of tribes called United Tribes, told the group of fighters: “We are not against the Druze. We are not here to kill the Druze.”
But he spent many minutes castigating the senior Druze cleric inside Sweida whom many of the tribes see as the agitator behind the violent clashes.
Image: Khalaf al Modhi, who is the leader of a tribal group called United Tribes
Hikmat al Hijiri is head of a Druze faction that is deeply suspicious of the new government led by Ahmed al Sharaa and is resisting ceding power to Damascus.
The retreat of the Arab tribes from the city centre means the Druze militia under Hijiri’s control are now the ones deciding who goes in or out of the city.
About 30,000 mostly Druze people are thought to be trapped inside the city and surrounding towns, with no electricity, little internet and dwindling supplies of food and water.
Image: Druze civilian Kamal Tarrabey. He said 10 of his relatives were killed in the violent clashes
The humanitarian situation is dramatically worsening by the day. But at the time of writing, there were still no agreed safe corridors to bring out those pinned inside.
On top of this, there are nearly 130,000 people displaced and forced out of their homes because of the fighting, according to UN estimates.
Maintaining the ceasefire is key to ensuring solutions are found to help those suffering, and quickly. It’s also the most serious challenge facing the new Syrian leader and his interim government.
The level of distrust between the Hijiri-led Druze faction and the new government is strong and deep. So much so that the Druze leaders have refused to accept truckloads of aid organised by any of the government outlets.
Image: The White Helmets wait outside Sweida as the Druze leaders accept little aid from them due to their government connections
The new Syrian leader has struggled to convince the country’s minorities that their safety under his leadership is assured.
Druze civilians and human rights activists reported mass killings and executions of Druze by government troops who were sent in last week to quell the latest clashes between the Druze and Arab Bedouins who have been at odds for many years.
Government forces pulled out of the city only after Israel unleashed a spate of airstrikes, saying they were defending the Druze. The bombings killed hundreds of Syrian troops.
But with the withdrawal of the government troops, the Arab Bedouin population said the city’s Druze militia embarked on a string of revenge atrocities.
That in turn led to thousands of tribal fighters massing from around the country to defend their Arab brethren.
Image: Smoke rises from buildings in the city centre of Sweida
When we were inside the city, we saw multiple corpses lying on the streets, and many appeared to have been killed with a shot to the head.
Homes and businesses are still burning after mass pillaging as fighters retreated.
And now, there is a growing humanitarian disaster unfolding.
Additional reporting by camera operator Garwen McLuckie, specialist producer Chris Cunningham, as well as Syrian producers Mahmoud Mossa and Ahmed Rahhal.