Saeid Moradi, 29, whose legs were blown off by a bomb he tried to hurl at police, was found guilty of charges including attempted murder. He was given a life term by the Bangkok Southern Criminal Court.
A judge said the court found him "guilty of carrying explosives in public, using explosives in an attempt to kill officials and using explosives which caused the destruction of property.
"Because attempted murder displays serious intent, the court sentenced him to life in prison," the judge added.
The second defendant, Mohammad Khazaei, 43, was given a 15-year jail term for possession of explosives.
The pair denied the charges. They were among five Iranians suspected of being involved in the blasts which followed attacks in India and Georgia targeting Israeli diplomats.
During the Bangkok incident, a massive explosion tore the roof off a house in Sukhumvit Soi 71 on Feb 14 last year.
That morning, the bombs had apparently detonated accidentally, sending the five men fleeing into the streets.
Prosecutors accused Moradi of hurling one bomb at a taxi and a second at two police officers as they approached him on the street. The second bomb exploded next to him.
The court heard that Khazaei ran out of the house after the first explosion and fled to the airport, where police arrested him at the boarding gate.
A suspected third member of their gang, Masoud Sedaghatzadeh, 31, fled Thailand the day of the bombings, but was arrested in Malaysia, where he is fighting extradition to Thailand.
Israel accused Teheran of waging a terror campaign over the bomb plot.
"This sentence proves once again that Iran is engaged in proliferation of terror all around the world," Israeli ambassador Simon Roded told reporters after attending the court hearing.
He thanked the Thai government for its response to the blasts.
"I hope that other countries will join Thailand in fighting this terror and bringing terrorists to justice," said the diplomat, who was flanked by bodyguards as he watched proceedings.