We present a model for laser cooling of a single ion in the Penning trap. The model solves the equations of motion in the presence of the damping caused by the interaction with the laser beam, and predicts for the first time the dependence of the cooling rates for the two radial degrees of freedom in the trap as a function of the laser detuning, laser beam offset and saturation parameter. The conditions derived for both radial degrees of freedom to be cooled simultaneously agree with those found in earlier studies. The results indicate that under conditions where both motions are cooled simultaneously, the cooling rates are both significantly smaller than the maximum rate for either motion considered in isolation. Furthermore, the magnetron cooling rate is typically much lower than the cyclotron cooling rate, as has been found in experiments. The model indicates how the cooling rate for a single ion may be optimized. †