The propagation of information in nonrelativistic quantum systems obeys a speed limit known as a Lieb-Robinson bound. We derive a new Lieb-Robinson bound for systems with interactions that decay with distance r as a power law, 1/r(alpha). The bound implies an effective light cone tighter than all previous bounds. Our approach is based on a technique for approximating the time evolution of a system, which was first introduced as part of a quantum simulation algorithm by Haah et al., FOCS 18. To bound the error of the approximation, we use a known Lieb-Robinson bound that is weaker than the bound we establish. This result brings the analysis full circle, suggesting a deep connection between Lieb-Robinson bounds and digital quantum simulation. In addition to the new Lieb-Robinson bound, our analysis also gives an error bound for the Haah et al. quantum simulation algorithm when used to simulate power-law decaying interactions. In particular, we show that the gate count of the algorithm scales with the system size better than existing algorithms when alpha > 3D (where D is the number of dimensions).