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This paper presents a new heuristic algorithm tailored to solve large instances of an NP-hard variant of the shortest path problem, denoted the cost-balanced path problem, recently proposed in the literature. The problem consists in finding the origin–destination path in a direct graph, having both negative and positive weights associated with the arcs, such that the total sum of the weights of the selected arcs is as close to zero as possible. At least to the authors' knowledge, there are no solution algorithms for facing this problem. The proposed algorithm integrates a constructive procedure and an improvement procedure, and it is validated thanks to the implementation of an iterated neighborhood search procedure. The reported numerical experimentation shows that the proposed algorithm is computationally very efficient. In particular, the proposed algorithm is most suitable in the case of large instances where it is possible to prove the existence of a perfectly balanced path and thus the optimality of the solution by finding a good percentage of optimal solutions in negligible computational time. [ABSTRACT FROM AUTHOR]