Finding an initial noise vector that produces an input image when fed into the diffusion process (known as inversion) is an important problem in denoising diffusion models (DDMs), with applications for real image editing. The standard approach for real image editing with inversion uses denoising diffusion implicit models (DDIMs) to deterministically noise the image to the intermediate state along the path that the denoising would follow given the original conditioning. However, DDIM inversion for real images is unstable as it relies on local linearization assumptions, which result in the propagation of errors, leading to incorrect image reconstruction and loss of content. To alleviate these problems, we propose Exact Diffusion Inversion via Coupled Transformations (EDICT), an inversion method that draws inspiration from affine coupling layers. EDICT enables mathematically exact inversion of real and model-generated images by maintaining two coupled noise vectors which are used to invert each other in an alternating fashion. Using Stable Diffusion [25], a state-of-the-art latent diffusion model, we demonstrate that EDICT successfully reconstructs real images with high fidelity. On complex image datasets like MS-COCO, EDICT reconstruction significantly outperforms DDIM, improving the mean square error of reconstruction by a factor of two. Using noise vectors inverted from real images, EDICT enables a wide range of image edits--from local and global semantic edits to image stylization--while maintaining fidelity to the original image structure. EDICT requires no model training/finetuning, prompt tuning, or extra data and can be combined with any pretrained DDM.