Weighing less than 10 ounces (280 g) this is Ruger's first entry into the field of tiny, ultra-light defensive pistols. LCP stands for "Lightweight Compact Pistol" and was designed in direct response to customer requests for a compact firearm for use by police as a back-up, and as a defensive handgun for civilian concealed carry needs.

The pistol has a glass-filled nylon frame, a two-finger grip, and a through-hardened blued steel slide. It is similar in appearance to the Kel-Tec P-3AT and uses a similar tension spring for the lightweight hammer, identical locked breech mechanism, and similar takedown method. The main differences are the Glock style extractor and the incorporation of an external slide stop. It is possible to tell if there is a round chambered by looking at the "view hole" next to the extractor. MSRP for the Ruger LCP was $330, raised to $347, and is currently $364 (US). Kahr Arms has introduced a similar pistol, the Kahr P380, that sells for significantly more.

On October 29, 2008, Sturm, Ruger & Co., Inc. announced a recall of some of the LCP pistols due to the possibility of some of the guns discharging if dropped onto a hard surface. The recall announcement stated that Ruger would upgrade the hammer system, make other unspecified improvements, and compensate the owner by providing a grip extension, which may be attached to the provided magazine.

In April of 2010, Texas Governor Rick Perry brought further spotlight to the weapon when he used it to shoot a coyote that was menacing him and his daughter's Labrador retriever during a morning jog near Austin. Perry alleged that the coyote put Perry and his dog "in imminent danger" during a stare-down, and that he drew his weapon and fired a single hollow point round when it was clear that the coyote was not backing down. Perry is licensed to carry a concealed weapon, and Texas law allows the use of deadly force against any predator that places the gun owner or his or her property in imminent danger. Neither Perry nor his dog were injured, and the governor left the dead coyote where it fell, stating that "he became mulch." Sturm Ruger has since released a "Coyote Special" edition of the gun to commemorate Perry's encounter.