American publisher and philanthropist who, with her husband, DeWitt Wallace (Wallace, DeWitt), created and published Reader's Digest, one of the most widely circulated magazines in the world.

Acheson, who was the daughter of a Presbyterian minister, grew up in small towns in the Midwest before moving to Tacoma, Wash., where she met aspiring publisher DeWitt Wallace. Wallace shared with her his idea for a magazine that would collect general interest stories in a digest format, but the United States entered World War I before the project could be launched. While Wallace served in the U.S. Army, Acheson organized YWCA (Young Women's Christian Association) centres in Eastern states for women working in the war industries. She stayed on in social service work in the East after the war. Acheson married Wallace in 1921, and the first issue of Reader's Digest appeared the following year. The magazine's circulation jumped from 1,500 in its first year to 200,000 in 1929. By the early 21st century, Reader's Digest was published in 50 editions and 21 languages, with an estimated worldwide circulation of some 23 million.

The Wallaces undertook a variety of philanthropic endeavours, including the restoration of historical sites around the world. In 1972 the pair received the Presidential Medal of Freedom for their charitable works. The Lila Wallace–Reader's Digest Fund (reorganized as the Wallace Foundation in 2003) supported educational and cultural programs.