In this paper we propose a new algorithm for lossless compres- sion of remote sensing images, based on distributed source cod- ing. The objective of this algorithm is to achieve low-complexity encoding, with compression performance as close as possible to a full-complexity coder. The complexity reduction is obtained by coding each spectral channel separately, whereas high coding effi- ciency is achieved through joint decoding. Experimental results on hyperspectral images show that the proposed algorithm has signifi- cantly better performance than JPEG-LS, with similar complexity. We also provide profiling results on a LEON-3 architecture.