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Yi Jae-wan was an Imperial Korean official and member of imperial family of Korea. He was adopted as a son of Prince Heungwan, who was a brother of Heungseon Daewongun.

Biography
Yi was born on 24 July 1855 (Lunar Calendar) in Pyeongyang. He was posted to Yijo as a member of Don-Nyeong Bu in 1868. A year after, Yi appointed as Byeolgunjik, then Minister of Economy in 1894. Same year, he was appointed as the chief of police. During his term, he oppressed Yi Jun-yong's coup, making Heungseon Daewongun to despise him. Yi was one of those who rose to high position despite being a seoeol. After the assassination of Empress Myeongseong, Yi was considered as an anti-Japanese politician and lost his position with Ye Wanyong, Yi Bum-jin, and Min Sang-ho. He led Gojong's internal exile to the Russian legation as a member of Pro-Russian clique. Like his younger brother, he was a supporter of the Independence Club, that he sponsored building Independence Gate. In October 1896, Yi received Dmitry Putyata as Russian instructors. He requested them to train 2,200 Korean personnels. Soon, Min Young-hwan, who actually brought these instructors, replaced him as the next Minister of Military.

However, by late 1900s, Yi became a pro Japanese collaborator. In 1909, Yi negotiated with growing Righteous army and lobbied them with 200,000 Won. He joined numerous pro Japanese organizations such as the GukCi Yushidan. After the annexation, Yi received title of Baron from the Japanese government. He continued his life as a pro-Japanese collaborator. He joined many pro-Japanese organization; Yi became an instructor of Buddhism Ongho Organization in 1917, and Daejeong Chinmok Hui in 1921. On 2 November 1928, Yi was appointed as a member of Jungchuwon of Japanese colonial government, and received 3,000 Won each year. He died in 1938, and his grandson received his title as baron.