A 57-year-old woman with a six-year history of Graves' Disease with ophthalmopathy developed unilateral periorbital swelling. CT scan suggested a lacrimal mass. Biopsy revealed MALT lymphoma. Evaluation for other sites of lymphoma revealed no other evidence of disease. She was treated with radiation therapy only with complete disappearance of disease. This is the first known case of MALT lymphoma arising in Graves' ophthalmopathy.