In 5d transition metal oxides such as the iridates, novel properties arise from the interplay of electron correlations and spin-orbit interactions. We investigate the electronic structure of the pyrochlore iridates, (such as Y\(_{2}\)Ir\(_{2}\)O\(_{7}\)) using density functional theory, LDA+U method, and effective low energy models. A remarkably rich phase diagram emerges on tuning the correlation strength U. The Ir magnetic moment are always found to be non-collinearly ordered. However, the ground state changes from a magnetic metal at weak U, to a Mott insulator at large U. Most interestingly, the intermediate U regime is found to be a Dirac semi-metal, with vanishing density of states at the Fermi energy. It also exhibits topological properties - manifested by special surface states in the form of Fermi arcs, that connect the bulk Dirac points. This Dirac phase, a three dimensional analog of graphene, is proposed as the ground state of Y\(_{2}\)Ir\(_{2}\)O\(_{7}\) and related compounds. A narrow window of magnetic `axion' insulator, with axion parameter \(\theta=\pi\), may also be present at intermediate U. An applied magnetic field induces ferromagnetic order and a metallic ground state.