© 2019 American Physical Society. Observation of large nonsaturating magnetoresistance in rare-earth monopnictides has raised enormous interest in understanding the role of its electronic structure. Here, by a combination of molecular-beam epitaxy, low-temperature transport, angle-resolved photoemission spectroscopy, and hybrid density functional theory we have unveiled the band structure of LuSb, where electron-hole compensation is identified as a mechanism responsible for large magnetoresistance in this topologically trivial compound. In contrast to bulk single crystal analogues, quasi-two-dimensional behavior is observed in our thin films for both electron and holelike carriers, indicative of dimensional confinement of the electronic states. Introduction of defects through growth parameter tuning results in the appearance of quantum interference effects at low temperatures, which has allowed us to identify the dominant inelastic scattering processes and elucidate the role of spin-orbit coupling. Our findings open up possibilities of band structure engineering and control of transport properties in rare-earth monopnictides via epitaxial synthesis.