A physical model describing the I(V) characteristics of planar limiting current oxygen sensors based in an ion-conducting electrolyte is presented. The model focuses on the minimization of the electrochemical potential and the diffusion across a porous layer covering the measuring electrode. The proposed model describes three key phenomena in the response of the sensors: the influence of the polarization resistance on the slope of I(V), the linearity between the limiting current and the diffusivity of the porous layer and a low non-zero current at zero polarization.