We present a joint experimental and theoretical study for complete spectroscopic characterization and optoelectronic properties of lead iodide. Experimentally, we combine X-ray diffraction experiments to elucidate the structure with photoelectron spectroscopy to explore its electronic structure. Computationally, simulations are performed in the frame of density functional theory. We show that PbI 2 presents a two-dimensional layered structure and exhibits a large transient photocurrent effect under visible light illumination, which are compatible with the surface photovoltage scenario. The transient photocurrent has an extremely long lifetime: when the sample is lightened with visible light, it shows very long relaxation times and, consequently, huge charge carrier diffusion lengths. We explain this anomalous behavior with the slow carrier mobility of holes and electrons caused by the 2D electron confinement in the layered material. Our results can be used as a simple model for understanding the optoelectronic properties of more complex 2D hybrid perovskites.