Named after Theophrastus - Greek philosopher and scientist (c. 372-287 B.C.).
Theophrastus is a small lunar impact crater at the southern part of the Sinus Amoris, a bay at the northeast part of the Mare Tranquillitatis. It lies to the southeast of the lava-flooded crater Maraldi, and was designated Maraldi M until the IAU gave it its current name. Just to the southeast is the flooded Franz. This is a circular crater, with inner walls that slope down to the midpoint and a rim that rises slightly above the surrounding lunar mare. (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.