Although subcutaneous lipoma is the most common soft tissue neoplasm, deeply-seated intramuscular lipoma is rarely encountered, especially those arising in the chest wall. Because images provide insufficient efficacy to differentiate these benign neoplasms from well-differentiated liposarcomas, excisional biopsy is often needed. Surgical results are markedly good and the recurrence rates depend on free resection margins. We present a rare case of intramuscular lipoma arising in the intercostal muscles. This tumor was found incidentally on the chest roentgenography as a large subpleural mass, and the computerized tomography revealed a well-defined tumor with fatty density straddling the intercostal space. Wide excision of this tumor was performed smoothly, followed by an uneventful course. No local recurrence was noted for 5 years. We report this case with a review of literature.