The basic process is to take the pollen on an anther from one iris (the pollen parent) and place some of it on the stigmatic lip of another iris (the pod parent). The pollen from the pollen parent is ready when it is dry and fluffy. Stigmas are receptive when they glisten. The easiest way to see if the stigmatic lip is receptive is to face the lip towards the sun or bright light and see if it is glistening. If it is glistening then it is ready. (Thanks to Rick Tasco for that tip)

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As the flower dies off, if you have been successful, the seed pod will form from the ovary at the base of the flower. It will swell large and green. After several months it will dry and turn brown. When this begins to happen, watch carefully for the first cracks. At that point you can harvest the pod and seeds. Put the seeds in a container or plastic bag, add two or three drops of water and store them in the refrigerator for a couple of months. Plant your seeds in a soilless mix, set them out and wait for the magic.