Named after Willy Ley - German-American rocketry scientist (1906-1969).
Ley is a lunar impact crater that is located across the southern rim of the much larger walled plain Campbell. Intruding into the south-southwestern rim is the slightly larger crater Von Neumann. The debris from the formation of Von Neumann has produced a bulging rampart that occupies the southwest interior floor. The outer rim has undergone impact erosion, and is marked by a number of small craterlets. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.