We propose a new algorithm, FAST-PPR, for estimating personalized PageRank: given start node \(s\) and target node \(t\) in a directed graph, and given a threshold \(\delta\), FAST-PPR estimates the Personalized PageRank \(\pi_s(t)\) from \(s\) to \(t\), guaranteeing a small relative error as long \(\pi_s(t)>\delta\). Existing algorithms for this problem have a running-time of \(\Omega(1/\delta)\); in comparison, FAST-PPR has a provable average running-time guarantee of \({O}(\sqrt{d/\delta})\) (where \(d\) is the average in-degree of the graph). This is a significant improvement, since \(\delta\) is often \(O(1/n)\) (where \(n\) is the number of nodes) for applications. We also complement the algorithm with an \(\Omega(1/\sqrt{\delta})\) lower bound for PageRank estimation, showing that the dependence on \(\delta\) cannot be improved. We perform a detailed empirical study on numerous massive graphs, showing that FAST-PPR dramatically outperforms existing algorithms. For example, on the 2010 Twitter graph with 1.5 billion edges, for target nodes sampled by popularity, FAST-PPR has a \(20\) factor speedup over the state of the art. Furthermore, an enhanced version of FAST-PPR has a \(160\) factor speedup on the Twitter graph, and is at least \(20\) times faster on all our candidate graphs.