Rayleigh-B\'enard convection is numerically simulated in two- and three-dimensions using a recently developed two-component lattice Boltzmann equation (LBE) method. The density field of the second component, which evolves according to the advection-diffusion equation of a passive-scalar, is used to simulate the temperature field. A body force proportional to the temperature is applied, and the system satisfies the Boussinesq equation except for a slight compressibility. A no-slip, isothermal

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... ndary condition is imposed in the vertical direction, and periodic boundary conditions are used in horizontal directions. The critical Rayleigh number for the onset of the Rayleigh-B\'enard convection agrees with the theoretical prediction. As the Rayleigh number is increased higher, the steady two-dimensional convection rolls become unstable. The wavy instability and aperiodic motion observed, as well as the Nusselt number as a function of the Rayleigh number, are in good agreement with experimental observations and theoretical predictions. The LBE model is found to be efficient, accurate, and numerically stable for the simulation of fluid flows with heat and mass transfer.