We present an analysis of the classical contact process on scale-free networks. A mean-field study, both for finite and infinite network sizes, yields an absorbing-state phase transition at a finite critical value of the control parameter, characterized by a set of exponents depending on the network structure. Since finite size effects are large and the infinite network limit cannot be reached in practice, a numerical study of the transition requires the application of finite size scaling theory. Contrary to other critical phenomena studied previously, the contact process in scale-free networks exhibits a nontrivial critical behavior that cannot be quantitatively accounted for by mean-field theory.