Thermophotovoltaic (TPV) diodes fabricated from InGaAsSb alloys lattice-matched to GaSb substrates are grown by Metal Organic Vapor Phase Epitaxy (MOVPE). 0.53eV InGaAsSb TPV diodes utilizing front-surface spectral control filters have been tested in a vacuum cavity and a TPV thermal-to-electric conversion efficiency ({eta}{sub TPV}) and a power density (PD) of {eta}{sub TPV} = 19% and PD=0.58 W/cm{sup 2} were measured for T{sub radiator} = 950 C and T{sub diode} = 27 C. Recombination coefficients deduced from minority carrier measurements and the theory reviewed in this article predict a practical limit to the maximum achievable conversion efficiency and power density for 0.53eV InGaAsSb TPV. The limits for the above operating temperatures are projected to be {eta}{sub TPV} = 26% and PD = 0.75 W/cm{sup 2}. These limits are extended to {eta}{sub TPV} = 30% and PD = 0.85W/cm{sup 2} if the diode active region is bounded by a reflective back surface to enable photon recycling and a two-pass optical path length. The internal quantum efficiency of the InGaAsSb TPV diode is close to the theoretically predicted limits, with the exception of short wavelength absorption in GaSb contact layers. Experiments show that the open circuit voltage of the 0.53eV InGaAsSb TPV diodes is not strongly dependent on the device architectures studied in this work where both N/P and P/N double heterostructure diodes have been grown with various acceptor and donor doping levels, having GaSb and AlGaAsSb confinement, and also partial back surface reflectors. Lattice matched InGaAsSb TPV diodes were fabricated with bandgaps ranging from 0.6 to 0.5eV without significant degradation of the open circuit voltage factor, quantum efficiency, or fill factor as the composition approached the miscibility gap. The key diode performance parameter which is limiting efficiency and power density below the theoretical limits in InGaAsSb TPV devices is the open circuit voltage. The open circuit voltages of state-of-the-art 0.53eV InGaAsSb TPV diode are {approx}10% lower than the predicted semi-empirical limit to open circuit voltage for a device having absorbing substrate; the voltages are {approx}17% below that for an Auger-limited device having back surface reflector and two-pass optical design