Pedunculated lipofibroma is a rare disorder characterized by ectopic deposits of mature adipose tissue in the dermis. It is a dorne shaped or sessile papule which occurs at any site and develops later in life. We, herein, report two cases of pedunculated lipofibroma which have developed on the chin of a 64-year-old man and the buttock of a 47-year-old woman. (Korean J Dermatol 1999;37(4) : 550-552)