Iza is located near the Tota Lake and part of the Sugamuxi Province, a subregion of Boyacá.

Iza is located in the Eastern Ranges of the Colombian Andes on the Altiplano Cundiboyacense at a distance of 13 kilometres (8.1 mi) from Sogamoso and 90 kilometres (56 mi) from the department capital Tunja.

Iza was ruled by the iraca of Sugamuxi, modern neighbouring Sogamoso.

According to Muisca mythology, the messenger god Bochica is said to have lived outside Iza in a cave.

Main economical activities of Iza are mining (coal and pozzolan) and agriculture.