A new meshfree method for the analysis of elasto-plastic deformations is presented. The method is based on the proposed first-order least-squares formulation, to which the moving least-squares approximation is applied. The least-squares formulation for the classical elasto-plasticity and its extension to an incrementally objective formulation for finite deformations are proposed. In the formulation, the equilibrium equation and flow rule are enforced in least-squares sense, while the hardening law and loading/unloading condition are enforced exactly at each integration point. The closest point projection method for the integration of rate-form constitutive equation is inherently involved in the formulation, and thus the radial-return mapping algorithm is not performed explicitly. Also the penalty schemes for the enforcement of the boundary and frictional contact conditions are devised. The main benefit of the proposed method is that any structure of cells is not used during the whole process of analysis. Through some numerical examples of metal forming processes, the validity and effectiveness of the method are presented.