Yes, the default is PKCS5 padding. The PaddingScheme property indicates what padding scheme to use.
The default value is 0, which indicates PKCS5 padding. (Also known as RFC 1423 padding).
PKCS#5 padding works as follows: the bytes remaining to fill a block are assigned a number, which is the number of bytes that were added to fill the block. For instance, if we have an 16-byte block, and only 11 bytes are filled, then we have 5 bytes to pad. Those 5 bytes are all assigned the value "5", for the 5 bytes of padding.