Vocabulary learning can occur incidentally when explicit and implicit cognitive processes are at work. The present study investigated how frequently a set of (implicit/explicit) lexical strategies was used by Iranian learners of English while reading journalistic texts for comprehension, and how effective they were regarding vocabulary retention in incidental vocabulary learning. Also, it examined the role of gender in lexical strategy use in such a context. To this end, 40 upper-intermediate learners of English, including 20 males and 20 females, were selected and asked to read journalistic texts. To collect the data, think-aloud and a retention test (Vocabulary Knowledge Scale) were used. Descriptive and chi-square data analyses revealed that the most frequent lexical strategy was consulting a dictionary (particularly a bilingual dictionary), followed by inferring (particularly contextual strategies) and ignoring strategies. The male participants were found to use inferring strategies more frequently whereas the female participants were found to use the ignoring strategy more frequently. Moreover, significant differences were observed between explicit and implicit strategy types with higher lexical use and retention effect for explicit ones. Findings provide implications for L2 vocabulary learning.