We formulate a mechanistic model of the coupled oceanic iron and phosphorus cycles. The iron parameterization includes scavenging onto sinking particles, complexation with an organic ligand, and a prescribed aeolian source. Export production is limited by the availability of light, phosphate, and iron. We implement this biogeochemical scheme in a coarse resolution ocean general circulation model using scavenging rates and conditional stability constants guided by laboratory studies and a suite of box model sensitivity studies. The model is able to reproduce the broad regional patterns of iron and phosphorus. In particular, the high macronutrient concentrations of the Southern Ocean, tropical Pacific, and subarctic Pacific emerge from the explicit iron limitation of the model. In addition, the model also qualitatively reproduces the observed interbasin gradients of deep, dissolved iron with the lowest values in the Southern Ocean. The ubiquitous presence of significant amounts of free ligand is also explicitly captured. We define a tracer, Fe* which quantifies the degree to which a water mass is iron limited, relative to phosphorus. Surface waters in high-nutrient, low-chlorophyll regions have negative Fe* values, indicating Fe limitation. The extent of the decoupling of iron and phosphorus is determined by the availability and binding strength of the ligand relative to the scavenging by particulate. Global iron concentrations are sensitive to changes in scavenging rate and physical forcing. Decreasing the scavenging rate 40% results in ~0.1 nM increase in dissolved iron in deep waters. Forcing the model with weaker wind stresses leads to a decrease in surface <PO4> and <Fe> in the Southern Ocean due to a reduction in the upwelling strength.