diff --git a/CHANGELOG.md b/CHANGELOG.md
index 806a8b0..c1f049e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,9 @@
 ## 1.16.1-dev
 
+* Add a top-level `lastBy()` function that converts an `Iterable` to a `Map` by
+  grouping its elements using a function, keeping the last element for each
+  computed key.
+
 ## 1.16.0
 
 * Add an `Iterable.slices` extension method.
diff --git a/lib/src/functions.dart b/lib/src/functions.dart
index 64a38ee..2a799cf 100644
--- a/lib/src/functions.dart
+++ b/lib/src/functions.dart
@@ -41,6 +41,19 @@ Map<K, V> mergeMaps<K, V>(Map<K, V> map1, Map<K, V> map2,
   return result;
 }
 
+/// Associates the elements in [values] by the value returned by [key].
+///
+/// Returns a map from keys computed by [key] to the last value for which [key]
+/// returns that key.
+Map<T, S> lastBy<S, T>(Iterable<S> values, T Function(S) key) {
+  var map = <T, S>{};
+  for (var element in values) {
+    map[key(element)] = element;
+  }
+
+  return map;
+}
+
 /// Groups the elements in [values] by the value returned by [key].
 ///
 /// Returns a map from keys computed by [key] to a list of all values for which
diff --git a/test/functions_test.dart b/test/functions_test.dart
index 97bb4ab..d032b8b 100644
--- a/test/functions_test.dart
+++ b/test/functions_test.dart
@@ -79,6 +79,23 @@ void main() {
     });
   });
 
+  group('lastBy()', () {
+    test('returns an empty map for an empty iterable', () {
+      expect(lastBy([], expectAsync1((dynamic _) {}, count: 0)), isEmpty);
+    });
+
+    test("keeps the latest element for the function's return value", () {
+      expect(
+          lastBy(['foo', 'bar', 'baz', 'bop', 'qux'],
+              (String string) => string[1]),
+          equals({
+            'o': 'bop',
+            'a': 'baz',
+            'u': 'qux',
+          }));
+    });
+  });
+
   group('groupBy()', () {
     test('returns an empty map for an empty iterable', () {
       expect(groupBy([], expectAsync1((dynamic _) {}, count: 0)), isEmpty);