The 34-year-old free agent spent last term on the books at Watford but was farmed out on loan to Notts County and Oldham where he was largely unsuccessful in front of goal, scoring just once while at Boundary Park.
Despite that record, the 6ft 3in hitman boasts an impressive haul of 103 goals in 319 league appearances, bringing with him a wealth of experience to Glanford Park.
"I'm delighted it's all done and dusted now and I'm really looking forward to the challenge ahead," the striker told the club's official website.
"It's a team with ambition here, trying to bounce back at the first attempt and if we can get the team firing on all cylinders then I think it's only going to be positive."
Iwelumo has enjoyed successful spells at Stoke, Charlton and Wolves among others and it will be the second time he will link up with Brian Laws having spent time at Burnley during the 2010/11 season under the current Iron boss.
The Iron were relegated from League One last season.
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