A theoretical treatment has been developed for the rates of electron-transfer reactions in aqueous solution, with particular reference to the ferric–ferrous system. The reactions are considered to be diffusion-controlled processes, the approach of the ions being hindered by the electrostatic repulsion between them. Calculations have been made of the free energy of the diffusion process and for the repulsion, account being taken of the variation in dielectric constant with the electric field. The form of the potential-energy barrier between the ions is calculated for various separations, and the transmission coefficient calculated using the quantum-mechanical expression corresponding to a rectangular barrier. The total free energy of activation for the reaction, which is the sum of the contributions due to diffusion, repulsion, and tunnelling, is found to pass through a minimum at a separation of about 4 Å. The calculated free energy of activation for the reaction is 15.4 kcal, in good agreement with the experimental value of 16.8 kcal. The energy and entropy of activation for the reaction are also briefly discussed.