Scedosporiasis is an emerging infection in immunocompromised individuals. We report a case of multiple subcutaneous swellings in a diabetic ketoacidotic patient, which was clinically diagnosed as lipoma. On fine-needle aspiration cytology, pus was aspirated, which showed septate branching hyphal elements. The pus culture on Sabouraud's dextrose agar yielded Scedosporium apiospermum, which was identified based on its macroscopic and microscopic features. There are very few reports of scedosporiasis from India. The diagnosis of scedosporiasis is difficult and correct etiological diagnosis can help in better management of the patient.