The seminal Lee-Yang theorem states that for any graph the zeros of the partition function of the ferromagnetic Ising model lie on the unit circle in $\mathbb C$. In fact the union of the zeros of all graphs is dense on the unit circle. In this paper we study the location of the zeros for the class of graphs of bounded maximum degree $d\geq 3$, both in the ferromagnetic and the anti-ferromagnetic case. We determine the location exactly as a function of the inverse temperature and the degree $d$. An important step in our approach is to translate to the setting of complex dynamics and analyze a dynamical system that is naturally associated to the partition function.