We report results of optical imaging and low-resolution spectroscopic monitoring of supernova (SN) 2017iro that occurred in the nearby (~31Mpc) galaxy NGC 5480. The HeI{lambda}5876 feature present in the earliest spectrum (-7d) classified it as a Type Ib SN. The follow-up observations span from -7 to +266d with respect to the B-band maximum. With a peak absolute magnitude in V band M_V_=-17.76+/-0.15mag and bolometric luminosity log_10_L=42.39+/-0.09erg/s, SN 2017iro is a moderately luminous Type Ib SN. The overall light-curve evolution of SN 2017iro is similar to that of SN 2012au and SN 2009jf during the early (up to ~100d) and late phases (>150d), respectively. The line velocities of both FeII{lambda}5169 and HeI{lambda}5876 are ~9000km/s near the peak. The analysis of the nebular phase spectrum (~+209d) indicates an oxygen mass of ~0.35M_{sun}. The smaller [OI]/[CaII] flux ratio of ~1 favors a progenitor with a zero-age main-sequence mass in the range ~13-15M{sun}, most likely in a binary system, similar to the case of iPTF13bvn. The explosion parameters are estimated by applying different analytical models to the quasi-bolometric light curve of SN 2017iro. ^56^Ni mass synthesized in the explosion has a range of ~0.05-0.10M{sun}, ejecta mass ~1.4-4.3M{sun}_, and kinetic energy ~(0.8-1.9)x10^51^erg.
