The pricing includes a 12-month contract priced at £20 per month, though customers will have to pay for the phone itself.
The cost is £407 for the 32GB iPhone 3GS, £320 for the 16GB iPhone 3GS and £222 for the 8GB iPhone 3G.
The latter two are available free on a two-year £60 per month contract, but to get the top of the range model customers will have to fork out an extra £50.
All contracts come with unlimited web and Wi-Fi access via BT Openzone.
Tesco is also offering iPhone 3G and 3GS on its Triple Credit Pay As You Go price plan.
Lance Batchelor, chief executive officer of Tesco Mobile and Tesco Telecoms, said: "This is a fantastic announcement for us and we're delighted to make iPhone available to our customers. It shows what a serious player in the mobile market Tesco Mobile has become."
Tesco has succeeded in beating Vodafone to offering the iPhone to its customers, joining Orange and O2, which is its joint venture partner in Tesco Mobile.
O2's lowest contract price is £29.38 per month on an 18-month contract, with the 3G costing £97, the 3GS 16GB costing £185 and the 3GS 32GB costing £274.
Orange's lowest contract price is identical to O2.
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