Recent work has shown that density profiles in the outskirts of dark matter halos can become extremely steep over a narrow range of radius. This behavior is produced by splashback material on its first apocentric passage after accretion. We show that the location of this splashback feature may be understood quite simply, from first principles. We present a simple model, based on spherical collapse, that accurately predicts the location of splashback without any free parameters. The important quantities that determine the splashback radius are accretion rate and redshift.