We have performed in situ synchrotron x-ray diffraction studies of the iridium-hydrogen system up to 125 GPa. At 55 GPa, a phase transition in the metal lattice from the fcc to a distorted simple cubic phase is observed. The new phase is characterized by a drastically increased volume per metal atom, indicating the formation of a metal hydride, and substantially decreased bulk modulus of 190 GPa (383 GPa for pure Ir). Ab initio calculations show that the hydrogen atoms occupy the face-centered positions in the metal matrix, making this the first known noninterstitial noble metal hydride and, with a stoichiometry of IrH(3), the one with the highest volumetric hydrogen content. Computations also reveal that several energetically competing phases exist, which can all be seen as having distorted simple cubic lattices. Slow kinetics during decomposition at pressures as low as 6 GPa suggest that this material is metastable at ambient pressure and low temperatures.