We present results from a simulation of quenched overlap fermions with Lüscher-Weisz gauge field action on lattices up to 24 3 48 and for pion masses down to ≈ 250 MeV. Among the quantities we study are the pion, rho and nucleon masses, the light and strange quark masses, and the pion decay constant. The renormalization of the scalar and axial vector currents is done nonperturbatively in the RI − M OM scheme. The simulations are performed at two different lattice spacings, a ≈ 0.1 fm and ≈ 0.15 fm, and on two different physical volumes, to test the scaling properties of our action and to study finite volume effects. We compare our results with the predictions of chiral perturbation theory and compute several of its low-energy constants. The pion mass is computed in sectors of fixed topology as well.