The answer is: true! Jefferson and Burr were both candidates from the Democratic-Republican Party. This election took place prior to the institution of primaries and thus both Jefferson and Burr went up against the incumbent, John Adams, and Charles Pinckney. At this time, whoever secured the most electoral votes would win and whoever came in second would serve as the Vice President.
This election took place prior to the passage of the 12th Amendment and thus electors within the Electoral College were able to cast two votes. A plan was hatched to ensure that Jefferson won one more electoral vote than Burr, but the plan was botched. The election then went to the House of Representatives where it was finally decided that Jefferson be president and Burr his vice president.
