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This paper proposes a new model that predicts the cell voltage dynamics and capacity degradation induced by lithium plating and stripping. The proposed model uses a single equilibrium reaction to describe the deposition and dissolution of metallic lithium, predicting the partial reversibility of the plating/stripping reaction, the characteristic voltage plateau during relaxation, and the capacity loss due to the Loss of Cyclable Lithium (LCL). The model is integrated with a Doyle–Fuller–Newman (DFN) electrochemical model, calibrated and validated with experimental data. The model has the potential to improve the accuracy of predicting the effects of lithium plating in Li-ion cells and aid in the development of Extreme Fast Charging (XFC) technology for BEVs.