The National Weather Service in Pocatello has issued a Tornado Warning near Rexburg effective until 6 pm. 

Here are details from the NWS:

TORNADO WARNING FOR...
  SOUTHWESTERN FREMONT COUNTY IN SOUTH CENTRAL IDAHO...
  NORTHWESTERN MADISON COUNTY IN SOUTHEASTERN IDAHO...
  CENTRAL JEFFERSON COUNTY IN SOUTHEASTERN IDAHO...
  SOUTHEASTERN CLARK COUNTY IN EASTERN IDAHO...
AT 510 PM MDT...TRAINED WEATHER SPOTTERS REPORTED A FUNNEL CLOUD
  NEAR ROBERTS...OR 12 MILES WEST OF LORENZO. A TORNADO MAY DEVELOP
  AT ANY TIME. DOPPLER RADAR SHOWED THIS DANGEROUS STORM MOVING
  NORTH AT 35 MPH.

We will update this story as soon as we receive new information.

UPDATE: 6:17 pm - Tornado Warning for these Idaho counties has now expired.

UPDATE: 6:47 pm - NEW Tornado Warning issued EAST of Pocatello

THE NATIONAL WEATHER SERVICE IN POCATELLO HAS ISSUED A

* TORNADO WARNING FOR...
  SOUTHEASTERN BINGHAM COUNTY IN SOUTHEASTERN IDAHO...
  EASTERN BANNOCK COUNTY IN SOUTHEASTERN IDAHO...
  NORTHWESTERN CARIBOU COUNTY IN SOUTHEASTERN IDAHO...

* UNTIL 715 PM MDT

* AT 644 PM MDT...DOPPLER RADAR INDICATED A SEVERE THUNDERSTORM
  CAPABLE OF PRODUCING A TORNADO. THIS DANGEROUS STORM WAS LOCATED 9
  MILES SOUTHWEST OF CHESTERFIELD...OR 9 MILES SOUTH OF CHESTERFIELD
  RESERVOIR...AND MOVING NORTHEAST AT 35 MPH.

UPDATE: 7:37 pm - Another Tornado Warning issued near Soda Springs

THE NATIONAL WEATHER SERVICE IN POCATELLO HAS ISSUED A

* TORNADO WARNING FOR...
  SOUTHEASTERN BINGHAM COUNTY IN SOUTHEASTERN IDAHO...
  EAST CENTRAL BANNOCK COUNTY IN SOUTHEASTERN IDAHO...
  WESTERN CARIBOU COUNTY IN SOUTHEASTERN IDAHO...

* UNTIL 830 PM MDT

* AT 734 PM MDT...DOPPLER RADAR INDICATED A SEVERE THUNDERSTORM
  CAPABLE OF PRODUCING A TORNADO. THIS DANGEROUS STORM WAS LOCATED
  OVER LAVA HOT SPRINGS. THE TORNADIC STORM WAS NEARLY STATIONARY.