We have searched for B_{s}^{0}->hh decays, where h stands for a charged or neutral kaon, or a charged pion. These results are based on a 23.6 fb^{-1} data sample collected with the Belle detector on the \Upsilon(5S) resonance at the KEKB asymmetric-energy e^{+}e^{-} collider, containing 1.25 million B_{s}^{(*)}\bar{B}_{s}^{(*)} events. We observe the decay B_{s}^{0}->K^{+}K^{-} and measure its branching fraction, \mathcal{B}(B_{s}^{0}->K^{+}K^{-}) = [3.8_{-0.9}^{+1.0}(\mathrm{stat})\pm