Observations of Lynds Dark Nebula 1221 from the Spitzer Space Telescope are presented. These data show three candidate protostars toward L1221, only two of which were previously known. The infrared observations also show signatures of outflowing material, an interpretation which is also supported by radio observations with the Very Large Array. In addition, molecular line maps from the Five College Radio Astronomy Observatory are shown. One-dimensional dust continuum modeling of two of these protostars, IRS1 and IRS3, is described. These models show two distinctly different protostars forming in very similar environments. IRS1 shows a higher luminosity and a larger inner radius of the envelope than IRS3. The disparity could be caused by a difference in age or mass, orientation of outflow cavities, or the impact of a binary in the IRS1 core.