The metal–insulator transition in magnetite Fe3O4, the so-called Verwey transition, is re-investigated theoretically, motivated by recent experiments. We propose a scenario other than charge order, which has been considered to be its origin so far. We find that the orbital order in the t2g orbitals can make the system effectively one dimensional, so that the bond dimerization is induced due to
... [Show full abstract] the Peierls instability. Based on considerations of the elastic energy in the presence of such bond dimer, we argue that an anti-phase configuration of these bond dimer is realized in the actual compound.