Light the candles, then cover the eyes and recite the blessing. Uncover the eyes and gaze briefly at the candles.
According to Rabbi Ovadiah Yosef Shlit"a, the Sephardim tradition is to say the blessing before lighting the candles.
Bo-ruch A-toh Ado-noi E-lo-hei-nu Me-lech Ho-olom A-sher Ki-de-sha-nu Be-mitz-vo-sov Ve-tzi-vo-nu Le-had-lik Ner Shel Sha-bos
Translation: Blessed are you, L-rd our G-d, King of the universe, who has sanctified us by His commandments, and has commanded us to kindle the light of the Shabbat.
CAUTION: The candles must be lit 18 minutes before sunset. It is prohibited and is a desecration of the Shabbat to light the candles after sunset.