Drilling results from the Integrated Ocean Drilling Program’s Arctic Coring Expedition (ACEX) to the Lomonosov Ridge (LR) document a 26 million year hiatus that separates freshwater-influenced biosilica-rich deposits of the middle Eocene from fossil-poor glaciomarine silty clays of the early Miocene. Detailed micropaleontological and sedimentological data from sediments surrounding this mid-Cenozoic hiatus describe a shallow water setting for the LR, a finding that conflicts with predrilling seismic predictions and an initial postcruise assessment of its subsidence history that assumed smooth thermally controlled subsidence following rifting. A review of Cenozoic tectonic processes affecting the geodynamic evolution of the central Arctic Ocean highlights a prolonged phase of basin-wide compression that ended in the early Miocene. The coincidence in timing between the end of compression and the start of rapid early Miocene subsidence provides a compelling link between these observations and similarly accounts for the shallow water setting that persisted more than 30 million years after rifting ended. However, for much of the late Paleogene and early Neogene, tectonic reconstructions of the Arctic Ocean describe a landlocked basin, adding additional uncertainty to reconstructions of paleodepth estimates as the magnitude of regional sea level variations remains unknown.