LOITA (Lunar Optical/Infrared Telescope Array) is a lunar-based interferometer composed of 18 alt-azimuth telescopes arranged in a circular geometry. This geometry results in excellent uv coverage and allows baselines up to 5 km long. The angular resolution will be 25 micro-arcsec at 500 nm and the main spectral range of the array will be 200 to 1100 nm. For infrared planet detection, the spectral range may be extended to nearly 10 mu m. The telescope mirrors have a Cassegrain configuration using a 1.75 m diameter primary mirror and a 0.24 m diameter secondary mirror. A three-stage (coarse, intermediate, and fine) optical delay system, controlled by laser metrology, is used to equalize path lengths from different telescopes to within a few wavelengths. All instruments and the fine delay system are located within the instrument room. Upon exiting the fine delay system, all beams enter the beam combiner and are then directed to the various scientific instruments and detectors. The array instrumentation will consist of CCD detectors optimized for both the visible and infrared as well as specially designed cameras and spectrographs. For direct planet detection, a beam combiner employing achromatic nulling interferometry will be used to reduce star light (by several orders of magnitude) while passing the planet light. A single telescope will be capable of autonomous operation. This telescope will be equipped with four instruments: wide field and planetary camera, faint object camera, high resolution spectrograph, and faint object spectrograph. These instruments will be housed beneath the telescope. The array pointing and control system is designed to meet the fine pointing requirement of one micro-arcsec stability and to allow precise tracking of celestial objects for up to 12 days. During the lunar night, the optics and the detectors will be passively cooled to 70-80 K temperature. To maintain a continuous communication with the earth a relay satellite placed at the L4 libration point will be used in conjunction with the Advanced Tracking and Data Relay Satellite System (ATDRSS). Electrical power of about 10 kW will be supplied by a nuclear reactor based on the SP-100 technology. LOITA will be constructed in three phases of six telescopes each. The total mass of the first operational phase is estimated at 58,820 kg. The cost of the fully operational first phase of the observatory is estimated at $8.9 billion. LOITA's primary objectives will be to detect and characterize planets around nearby stars (up to ten parsec away), study physics of collapsed stellar objects, solar/stellar surface features and the processes in nuclear regions of galaxies and quasars. An interferometric array such as LOITA will be capable of achieving resolutions three orders of magnitude greater than Hubble's design goal. LOITA will also be able to maintain higher signal to noise ratios than are currently attainable due to long observation times available on the moon.