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Daughter Bayley was born at 3:02 p.m. in Los Angeles and weighed 7 lbs., a rep for the actress says.
This was the first child for Polo, 38, and Wollam together. They also each have a son from previous marriages: Polo has Griffin, 5, and Wollam has Carter, 9.
Polo, best known for playing Ben Stiller's fiancée in Meet the Parents and Meet the Fockers, announced her pregnancy last fall, telling PEOPLE: "It's my favorite role – being a mom."
Polo and Wollam have been together since 2004 after they met on the set of a music video for his former band, Avion.
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