Yes, you read that correctly. Hot on the heels of the news that Candice Patton will play Iris West in the upcoming Flash TV pilot, Deadline announces that Carlos Valdes will play Cisco Ramon, “a mechanical engineering genius and the youngest member of the team of scientists at STAR Labs” (maybe working with Caitlin Snow?) — or, as New 52 comic book readers know him, Vibe. TVLine notes that he is currently performing in the Broadway play, Once.
This brings the known cast up to six: Valdes and Patton join Grant Gustin as Barry Allen, Jesse L. Martin as Detective West, Rick Cosnet as Detective Eddie Thawne (probably the Reverse Flash in disguise), and Danielle Panabaker as scientist Caitlin Snow (probably the future Killer Frost).
Update: THR has more info on the character:
Valdes will play the series regular role of Cisco Ramon, a mechanical engineering genius and the youngest member of the team of scientists at STAR Labs. Born into a lower-income family, Cisco’s brains and talent helped him reach his potential. He is loyal and eager and provides the comic relief in contrast to his stiff co-workers. Best part: He is as much of a comic book fanboy as Barry.
THR also confirms that Hartley Rathaway, aka the Pied Piper, will appear as a regular character on the show. He and Harrison Wells (not a character from the comics as far as I can recall, but STAR Labs’ CEO) are the last two “regular roles” remaining to be cast.