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This paper presents application of a new effective metaheuristic optimization method namely, the Jaya algorithm to deal with different optimum power flow (OPF) problems. Unlike other population-based optimization methods, no algorithm-particular controlling parameters are required for this algorithm. In this work, three goal functions are considered for the OPF solution: generation cost minimization, real power loss reduction, and voltage stability improvement. In addition, the effect of distributed generation (DG) is incorporated into the OPF problem using a modified formulation. For best allocation of DG unit(s), a sensitivity-based procedure is introduced. Simulations are carried out on the modified IEEE 30-bus and IEEE 118-bus networks to determine the effectiveness of the Jaya algorithm. The single objective optimization cases are performed both with and without DG. For all considered cases, results demonstrate that Jaya algorithm can produce an optimum solution with rapid convergence. Statistical analysis is also carried out to check the reliability of the Jaya algorithm. The optimal solution obtained by the Jaya algorithm is compared with different stochastic algorithms, and demonstrably outperforms them in terms of solution optimality and solution feasibility, proving its effectiveness and potential. Notably, optimal placement of DGs results in even better solutions.