Recently developed cameras in the low-cost sector exhibit lens distortion patterns that cannot be handled well with established models of radial lens distortion. This study presents an approach that divides the image sensor and distortion modeling into two concentric zones for the application of an extended radial lens distortion model. The mathematical model is explained in detail and it was validated on image data from a DJI Mavic Pro UAV camera. First, the special distortion pattern of the camera was examined by decomposing and analyzing the residuals. Then, a novel bi-radial model was introduced to describe the pattern. Eventually, the new model was integrated in a bundle adjustment software package. Practical tests revealed that the residuals of the bundle adjustment could be reduced by 63% with respect to the standard Brown model. On the basis of external reference measurements, an overall reduction in the residual errors of 40% was shown.