The 34-year-old actress gave birth Wednesday night at a Los Angeles hospital to daughter Lola, who weighed in at 6 lbs. 10 oz., Richards's publicist tells PEOPLE.
Richards's estranged husband, Charlie Sheen, was in the room with her when she gave birth. Mother and daughter are doing fine.
"We’re thrilled to finally meet our beautiful daughter," Sheen and Richards said in a joint statement.
As for being a mom, Richards told PEOPLE last year: "No book can prepare you" for motherhood.
Richards and Sheen, 39, who also have a 15-month-old daughter, Sam, split in March amid reports that Sheen had resumed his hard-partying ways. Sheen has denied those stories.
Just this week, representatives for both actors denied reports that Sheen had moved back into their Encino, Calif., home. Both sides, however, had long stated that Sheen would be present when the child was born.