Using infinite projected entangled-pair states (iPEPS), we show that the Shastry-Sutherland model in an external magnetic field has low-magnetization plateaus which, in contrast to previous predictions, correspond to crystals of bound states of triplets, and not to crystals of triplets. The first sizable plateaus appear at magnetization 1/8, 2/15 and 1/6, in agreement with experiments on the orthogonal-dimer antiferromagnet SrCu2(BO3)2, and they can be naturally understood as regular patterns of bound states, including the intriguing 2/15 one. We also show that, even in a confined geometry, two triplets bind into a localized bound state with Sz = 2. Finally, we discuss the role of competing domain-wall and supersolid phases as well as that of additional anisotropic interactions. PACS numbers: 75.10.Jm, 75.40.Mg, 75.10.Kt, Predicting the phases of frustrated spin systems is one of the major challenges in theoretical condensed matter physics [1]. A famous example is the Shastry-Sutherland model (SSM) [2], which is believed to accurately capture the physics of the orthogonal-dimer antiferromagnet SrCu 2 (BO 3 ) 2 . A big effort has been invested in understanding the appearance of various magnetization plateaus observed in experiments [3][4][5][6][7][8][9][10][11][12][13]. Early on it was found that the SSM has almost localized triplet excitations [5,14] which suggests that each plateau corresponds to a particular crystal of localized triplets. This viewpoint has been supported by many analytical and (approximate) numerical studies over the last 15 years [14][15][16][17][18][19][20][21][22][23][24][25].The SSM is given by the Hamiltonianwhere the i, j bonds with coupling strength J build an array of orthogonal dimers while the bonds with coupling J denote inter-dimer couplings, and h the strength of the external magnetic field. The main result of this Letter is that -in contrast to the standard belief -the plateaus are not crystals of S z = 1 triplets (see Fig. 1(a)), but of S z = 2 bound states of triplets, which form a pinwheel pattern as shown in Fig. 1(b), and which are shown to be stable even if they are localized. Bound states have previously been predicted to be relevant in the dilute limit of excitations [16,[26][27][28][29], but not for the formation of crystals. The only hint so far that bound states can form crystals was found in a one-dimensional analog -a SSM spin tube [30]. It is also shown that the crystals formed by the bound states naturally explain the sequence of magnetization plateaus observed in SrCu 2 (BO 3 ) 2 . In particular, the 2/15 plateau is made of a simple and regular pattern of bound states, in contrast to the more complicated patterns of triplets which were previously suggested [12,21,24].Method -Our results have been obtained with infinite projected entangled-pair states (iPEPS) -a variational tensornetwork ansatz to represent a two-dimensional wave function in the thermodynamic limit [31][32][33]. It consists of a cell of tensors which is periodically repeated on the lattice, where ...