IRAS 18325-5926 is an X-ray bright, Compton-thin, type 2 Seyfert galaxy and it was the first Seyfert 2 in which the presence of a broad Fe Kα emission line was claimed. However, although the structure of the Fe line appears broad, there is tentative evidence that it may comprise multiple lines. Nevertheless, previous analyses have only consisted of fitting stand-alone broad components to the Fe K band. Here, we have analysed all available X-ray CCD data from Suzaku, XMM-Newton and ASCA to fully investigate the nature of the emission complex by testing broad-band physical models and alternative hypotheses. We find that both a model consisting of broad, blurred reflection from an ionized accretion disc and a model consisting of cold, neutral reflection plus narrow emission lines from highly ionized photoionized gas (log ξ ∼ 3.5) offer statistically comparable fits to the data although the true reality of the Fe line cannot currently be determined with existing data. However, it is hoped that better quality data and improved photon statistics in the Fe K band will allow a more robust distinction between models to be made.