Codenamed Junior, the Safari rival will enable fullscreen internet surfing and have more of a "magazine feel" than the default software.
"We wanted to make something entirely new. We wanted to look into how we could reinvent the browser for a new form factor," said Firefox product designer Alex Limi.
"There are a lot of reasons we should be on iOS even though we can't bring our rendering engine there."
Mozilla's development team apparently considered adding gesture-based browsing to Junior, but instead opted for an interface consisting of two virtual buttons. One will serve as the 'back' command, while the other brings up a list of recent pages and a search screen.
Junior is not the first Safari competitor for iPad. Yahoo previously released its Axis browser for the Apple tablet, and MoboTap has found some success with its Dolphin Browser HD.
Mozilla is yet to confirm a release date for Junior.
Watch a video demonstration of Junior below: