The town centre lies 11 km east of Hwy 11 on the banks of the Abitibi River, west of Lake Abitibi. Timmins, one of the largest cities in northern Ontario, is approximately to the southwest. The following communities are also within the municipal boundaries: Monteith, Nellie Lake, and Porquis Junction.
Iroquois Falls' primary industry is a large mill producing newsprint and commercial printing papers. In December 2014, the owner, Resolute Forest Products, announced its permanent closure. There are also three hydro-electric dams nearby. The Monteith Correctional Complex, a provincial prison serving a regional catchment area, is located in the community of Monteith (named for Samuel Nelson Monteith).