The Red Pyramid, named for the light crimson hue of its exposed granite surface, is the largest of the three major pyramids located at the Dahshur necropolis, and the third largest Egyptian pyramid, after those of Khufu and Khafre at Giza. It is also believed to be the world's first "true" smooth-sided pyramid. Originally it was surfaced with blocks of polished white limestone, but only a few of these now remain at the pyramid's base.

It was constructed during the reign of Old Kingdom Pharaoh Sneferu, whose final resting place some suggest it may have been, and is located approximately one kilometre to the north of the Bent Pyramid. It is built at the same shallow 43 degree angle as the upper section of the Bent Pyramid, which gives it a noticeably squat appearance compared to other Egyptian pyramids of comparable scale.

Archaeologists speculate that the reason for this may be an outcome of engineering crises experienced during the construction of Sneferu's two earlier pyramids. The first of these, the Pyramid at Meidun collapsed in antiquity, while the second — the Bent Pyramid — had the angle of its inclination dramatically altered — from 52 to 43 degrees — part-way through construction.

Some archaeologists now believe that the Meidun pyramid was the first attempt at building a smooth-sided pyramid, and that it may have collapsed when construction of the Bent Pyramid was already well underway — and that that pyramid may by then have already begun to show alarming signs of instability itself, as evidenced by the presence of large timber beams supporting its inner chambers. The outcome of this was the change in inclination of the Bent Pyramid, and the commencement of the later Red Pyramid at an inclination known to be less susceptible to instability and therefore less susceptible to catastrophic collapse.

A rare pyramidion , or capstone, for the Red Pyramid has been uncovered and reconstructed, and is now on display at Dahshur — however whether it was actually ever utilised is unclear, as its angle of inclination differs from that of the pyramid it was apparently intended for.