In ten adult patients a localized peripheral retinal vascular lesion is described, which is characterized by retinal telangiectasia, formation of aneurysms, deposition of lipoidal material and exudative detachment. All patients were of middle or older age and men and women were affected equally. Small lesions had a definite association with the most peripheral vessels, whereas larger ones appeared more as a tumor-like mass causing exudative detachment with deposition of lipoidal material. Additional neovascularization was present in at least two of the ten patients. The lesion is of clinical importance because it is often the cause of loss of central vision and is often confused with a vascular tumor or a choroidal melanoma.