Named after Klaus Riedel - German rocketry scientist (1907-1944) and Walter Riedel - German rocket scientist (1902-1968).
Riedel is an impact crater on the far side. It is located to the north-northeast of the crater Karrer, and due south of Leavitt. This is a worn crater with smaller craters along the rim to the north and southwest. There is a small craterlet along the southern inner wall. (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.