Named after Francis Gladheim Pease - American astronomer (1881-1938).
Pease is a lunar impact crater that lies in the north-northwestern edge of the huge skirt of ejecta that surrounds the Mare Orientale impact basin. It lies just over one crater diameter to the east of the smaller crater Butlerov. To the east-northeast is the somewhat larger Nobel. This is a roughly circular, bowl-shaped formation with an outer rim that is only moderately eroded. (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.