This paper deals with the irregular binary low-density parity-check (LDPC) codes and two iterative low-complexity decoding algorithms. The first one is the majority error-correcting decoding algorithm, and the second one is iterative erasure-correcting decoding algorithm. The lower bounds on correcting capabilities (the guaranteed corrected error and erasure fraction respectively) of irregular LDPC code under decoding (error and erasure correcting respectively) algorithms with low-complexity were represented. These lower bounds were obtained as a result of analysis of Tanner graph representation of irregular LDPC code. The numerical results, obtained at the end of the paper for proposed lower-bounds achieved similar results for the previously known best lower-bounds for regular LDPC codes and were represented for the first time for the irregular LDPC codes.