An osteoid osteoma is a benign bone tumor that arises from osteoblastic dysfunction and usually presents as nonspecific, nocturnal pain located in the diaphysis of long bones, with <1% occurring in the ribs. It is most commonly treated with nonsteroidal anti-inflammatory drugs or merely observed; when these treatments do no prove efficacious, either open surgery or interventional ablation are pursued. Herein, we report a rare case of an osteoid osteoma located in the rib of a 19-year-old male that was histologically diagnosed through computed tomography (CT)-guided biopsy. Using CT guidance, the tumor was ablated by creating an artificial pneumothorax in order to induce a margin of space safe enough for cryoablation. It is important to be aware of the possibility that an osteoid osteoma may be present in the ribs, as the differential diagnosis includes costochondritis, pneumonia, osteoblastoma, enchondroma, osteosarcoma, cyst, and Brodie abscess. In addition, we have shown that CT-guided cryoablation can be an effective and less invasive treatment when compared to open en bloc resection, highlighting the role of interventional radiology in bone tumor ablation.