We report on a new measurement of the decay K{sub L}{r_arrow}{pi}{sup 0}{gamma}{gamma} by the KTeV experiment at Fermilab. We determine the K{sub L}{r_arrow}{pi}{sup 0}{gamma}{gamma} branching ratio to be (1.68{plus_minus}0.07{plus_minus}0.08){times}10{sup {minus}6} . Our data show the first evidence for a low-mass {gamma}{gamma} signal as predicted by recent O(p{sup 6}) chiral perturbation calculations which include vector meson exchange contributions. From our data, we extract a value for the effective vector coupling a{sub V}={minus}0.72{plus_minus}0.05{plus_minus}0.06 . {copyright} {ital 1999} {ital The American Physical Society }