Chiprovtsi is situated in a small valley at the foot of the Chiprovtsi Mountain, a high northern branch of the western Balkan Mountains. The Chiprovtsi Mountain forms the border between Bulgaria and the neighbouring Serbia. It is long and features several peaks around , including Midzhur (), Martinova Chuka (), Golyama Chuka (), Kopren (), Tri Chuki () and Vrazha Glava (). The Ogosta River, a right tributary of the Danube, originates from the Chiprovtsi Mountain and flows northeast through the Danubian Plain to join the Danube in Vratsa Province. Just northeast of the town is another mountain, Shiroka Planina, a branch of the Fore-Balkan Mountains. The region is rich in metal and mineral deposits.