Several early transition metal dipnictides have been found to host topological semimetal states and exhibit large magnetoresistance. In this study, we use angle-resolved photoemission spectroscopy (ARPES) and magneto-transport to study the electronic properties of a new transition metal dipnictide ZrP$_2$. We find that ZrP$_2$ exhibits an extremely large and unsaturated magnetoresistance of up to 40,000 % at 2 K, which originates from an almost perfect electron-hole compensation. Our band structure calculations further show that ZrP$_2$ hosts a topological nodal loop in proximity to the Fermi level. Based on the ARPES measurements, we confirm the results of our calculations and determine the surface band structure. Our study establishes ZrP$_2$ as a new platform to investigate near-perfect electron-hole compensation and its interplay with topological band structures.
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