setterm -powersave off -blank 0

Other useful options:

Resets the terminal to its power on state:

$ setterm -reset

Alternatively, initialize terminal:

$ setterm -initialize

Turns the terminal's cursor on or off:

$ setterm -cursor [on|off]

Turns automatic line-wrapping on or off (virtual consoles only)

$ setterm -linewrap [on|off]

Sets the foreground text color (virtual consoles only):

$ setterm -foreground blue

Sets the background text color (virtual consoles only):

$ setterm -background red

Enables or disables the sending of kernel printk() messages to the console (virtual consoles only). Useful if you get lots message from iptables firewall:

$ setterm -msg [on|off]