Northern Arizona Land Exchange and Verde River Basin Partnership Act of 2005

Northern Arizona Land Exchange and Verde River Basin Partnership Act of 2005 - Directs the Secretary of Agriculture to simultaneously convey title to certain land in the Prescott, Coconino, and Kaibab National Forests, Arizona, to the Yavapai Ranch Limited Partnership and the Northern Yavapai, L.L.C. (the Yavapai Ranch), in exchange for privately-owned land within the boundaries of the Prescott National Forest, Arizona.

Requires the values of the land exchanged to be equal.

Provides for the establishment of conservation easements on certain of the land transferred to the Yavapai Ranch to conserve water.

Reserves for the Yavapai Ranch water rights and perpetual easements for up to three existing wells and related equipment on the land it is transferring to Federal control, with certain water rights reserved for the United States.

Provides that land acquired by the United States under this Act shall become part of the Prescott National Forest.

Revokes any public orders withdrawing any of the Federal land from appropriation or disposal as necessary to permit disposal of such land. Withdraws the Federal land from all forms of entry and appropriation under the public land laws, until the date of the exchange.

Directs the Secretary to convey certain land in Coconino County, Arizona, to a person representing the majority of landowners with encroachments on the lot in exchange for specified payment.

Authorizes the Secretary's participation in the establishment of the Verde River Basin Partnership, which shall conduct Verde River Basin water resource studies.