We report on the discovery of Cepheids in the field spiral galaxy NGC 3621, based on observations made with the Wide Field and Planetary Camera 2 on board the Hubble Space Telescope (HST). NGC 3621 is one of 18 galaxies observed as a part of The HST Key Project on the Extragalactic Distance Scale, which aims to measure the Hubble constant to 10% accuracy. Sixty-nine Cepheids with periods in the range 9--60 days were observed over 12 epochs using the F555W filter, and 4 epochs using the F814W filter. The HST F555W and F814W data were transformed to the Johnson V and Kron-Cousins I magnitude systems, respectively. Photometry was performed using two independent packages, DAOPHOT II/ALLFRAME and DoPHOT. Period-luminosity relations in the V and I bands were constructed using 36 fairly isolated Cepheids present in our set of 69 variables. Extinction-corrected distance moduli relative to the LMC of 10.63 +/- 0.07 mag and 10.56 +/- 0.10 mag were obtained using the ALLFRAME and DoPHOT data, respectively. True distance moduli of 29.13 +/- 0.18 mag and 29.06 +/- 0.18 mag, corresponding to distances of 6.3 Mpc and 6.1 Mpc, were obtained by assuming values of 18.50 +/- 0.10 mag for the distance modulus of the LMC and E(V-I) = 0.13 mag for the reddening of the LMC.