The structure of lepidocrocite is similar to the boehmite structure found in bauxite and consists of layered iron(III) oxide octahedra bonded by hydrogen bonding via hydroxide layers. This relatively weakly bonded layering accounts for the scaley habit of the mineral.
It was first described in 1813 from the Zlaté Hory polymetallicore deposit in Moravia, Czech Republic. The name is from the Greeklipis for scale and krokis for fibre.